Tech firms bid for Government funding

Tech companies in the East End are bidding for �100,000 of Government funding in a competition to stimulate the growing Tech City area.

Creative and digital firms will be able to bid for the grants from May 6, with up to �1m available. The successful bidders will need to raise a further �100,000 of private funding as part of the scheme, designed to get small businesses off the ground.

Universities and Science Minister David Willets said: “It is important that we nurture clusters such as the one that has grown up in this area. They are the crucibles where new industries are born, where communities support one another and where companies grow to become globally competitive.”

East London’s Tech City is the first area in the country to benefit from the programme, which may be rolled out to other areas if successful.