£50million to create institute in Tech City

10:48 06 December 2012

A £50million centre to be built in Tech City will help the “next Steve Jobs, Bill Gates, or Mark Zuckerberg” hail from east London.

The Mayor of London Boris Johnson and Prime Minister David Cameron announced the funding for the flagship technical and creative institute this morning.

The institute, which will be located in the community around Silicon Roundabout in Old Street, aims to foster the next generation of leading digital entrepreneurs, with Mr Johnson saying he believes the “next Steve Jobs, Bill Gates, or Mark Zuckerberg, will hail not from Silicon Valley but from this small corner of London”.

Plans for the development were launched at the Urban Age Conference, organised by the LSE Cities at the London School of Economics and Deutsche Bank’s Alfred Herrhausen Society, and supported by the Mayor.

Mr Johnson said: “The 2012 Games were a catalyst for enormous change in east London, with a new quarter of the capital now primed to become the world’s most thriving centre for technology and innovation.

“The time is right to lay solid foundations in Tech City for London’s digital revolution. The institute will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs.

“I am absolutely convinced that the next Steve Jobs, Bill Gates, or Mark Zuckerberg, will hail not from Silicon Valley but from this small corner of London, and it’s my hope that this exciting new centre will be pivotal in their creation.”

The government-funded project will be delivered in conjunction with the Greater London Authority.

The institute will:

•Provide a business resource for 200 start-ups per year, and host a mentoring network for aspiring entrepreneurs.

•Host two major international conferences for global tech and creative industries each year.

•Help 1,000 young people each year find skilled employment, and support initiatives which make recruitment easier such as providing support around Visa applications for overseas workers.

•Engage up to 50,000 school children with enterprise programmes such as Coder Camp, TeenTech, and Computer Science for Fun.

•Support the growth of Digital Shoreditch Festival to an audience of 200,000.

•Lead 10 inward investment salons each year, and 10 overseas trade delegations with UKTI and the Mayor’s promotional agency London & Partners.

The institute will also provide a home for third party “apps” including Digital Shoreditch, a festival for tech entrepreneurs, and Y Combinator, which supports start-ups by bringing them into contact with venture capitalists and sponsors.

London FabLab, an open fabrication workshop, will be based at the centre and will provide local schools with free access to technology such as 3D printers and laser cutters, along with the expertise to be able to use them.

Mr Cameron said: “Two years ago I set out my commitment to help Tech City become one of the world’s great technology centres. Today we are seeing it continue to grow and go from strength to strength - and that is down to the talented, creative entrepreneurs who have set up there.

“The UK is in a global race and I am determined that we as a Government continue doing everything we can to equip the UK to compete and thrive in that race.

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

A feasibility study into potential locations and costs of the institute is currently being carried out and is expected to be complete in the New Year. It is intended that the centre will be based near the Old Street roundabout, at the gateway to Tech City.

Latest Stories

18:35
Great Britain's Jenny Jones with her bronze medal won in the Sochi Winter Olympics (Mike Egerton/PA Wire)

Snowboarder Jenny Jones has issued a desperate plea for help after her laptop containing all of her photographs of her Olympic success was stolen from her car.

Read more
12:32
The cyclist's helmet camera captured the sickening moment that a car slammed into him [Picture from Youtube]

A cyclist was hit by a car in Romford, slammed into the windscreen and miraculously landed on his feet - and caught the whole thing on his helmet cam.

Read more
11:22
The trio lured their victim to a secluded part of Hampstead Heath (Photo by Dan Kitwood/Getty Images)

A woman lured her fiancé to a secluded part of Hampstead Heath before beating him to near death with the help of two other men so they could steal £200 from him.

Read more

Quirky London

Quizzes

How much do you really know about QPR legends like Les Ferdinand? Picture: Neal Simpson/EMPICS Sport

Test your knowledge of QPR’s greatest players with our fantastic legends quiz.

Read more
How much do you know about films in London? (Photo by Fox Photos/Getty Images)

Do you know your Lock Stock from your Long Good Friday, Sliding Doors from Shakespeare in Love?

Read more
How much about this great city do you really know? Take our true Londoner quiz and find out (Photo by Matt Cardy/Getty Images)

Do you know your apples from your pears? Take our Cockney quiz and see how much of a Londoner you really are.

Read more
Guess the manager quiz. Here's a hint, it's not these four.

The managerial merry-go-round spins quickly these days so do you think you’ve got the knowledge to recognise the faces of all these football bosses?

Read more
A normal day at London Liverpool Street station

This quiz is for people who think they know the Tube and rail inside out.

Read more