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Cameron plans £50m Tech City institute for Old Street's Silicon Roundabout

PUBLISHED: 00:01 11 December 2012

Plans have been unveiled for a £50 million technical institute in east London to foster Britain's next generation of digital entrepreneurs.

The government-funded project is aimed at expanding the Tech City community around Old Street.

The plans were unveiled by Prime Minister David Cameron and London Mayor Boris Johnson at last week’s Urban Age conference at the London School of Economics.

“We’re in a global race,” said Cameron. “I’m determined that we equip the UK to compete in that race.

“That’s why we’re creating the largest civic space in Europe for start-up companies and the community to come together and be the next generation of entrepreneurs.”

The government is putting £50 million into the kitty, confirmed in the Chancellor’s Autumn Statement, to expand the high-tech industry around Old Street’s ‘Silicon Roundabout’.

The institute will give resources for 200 start-ups, run two major international conferences and lead 10 overseas trade delegations every year.

The centre will also run a mentoring network for aspiring entrepreneurs and house an open workshop for east London schools with free access to technology such as 3D printers and laser cutters.

London Mayor Boris Johnson said: “The summer Olympics were a catalyst for change in east London, now primed to become the world’s most thriving technology and innovation centre.”

A feasibility study into potential locations in Shoreditch and costs is now under way and expected to be ready in the New Year.

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