17 March 2013 | MOF Team
And set up the Tech City Investment Organisation, backed by his Conservative Government. 'Tech City' - the area around Old Street roundabout - is Europe's fastest growing cluster of technological and digital businesses, and is home to over 1000 related organisations.
In testament to "Silicon Roundabout"’s importance, this area of London is Facebook's number two tech centre after San Fransisco's Silicon Valley. So what makes Tech City such an invaluable centre of digital business?
• London is reportedly the easiest place in Europe to gain capital backing for your business.
• London is home to more corporation HeadQuarters than any other city in Europe.
• London's hours overlap those of the countries with 99 percent of the world's capital, allowing a Tech City company to do business with clients in the US and Asia in the same working day.
• Two-thirds of international ad agencies have their European HeadQuarters in London.
• London is home to major and globally recognised Pilm and music industries. To this end, Shazam, Spotify and Songkick are all based in London.
The future of Tech City, and David Cameron's investment scheme, is in the hands of the businesses and consumers of London. Old Street is ours for the taking.