|East London Tech City|
Old Street Roundabout
|OS grid reference|
|• Charing Cross||2.5 mi (4.0 km) WSW|
|Ceremonial county||Greater London|
|Sovereign state||United Kingdom|
|Postcode district||EC1, EC2|
East London Tech City (also known as Tech City and Silicon Roundabout) is the term for a technology cluster of high-tech companies located in East London, England.Its main area lies broadly between St Luke's and Hackney Road, with an accelerator space for spinout companies at the Queen Elizabeth Olympic Park.
A cluster of web businesses initially developed around the Old Street Roundabout in 2008. The area had historically been relatively run down compared to the City of London, and was known as the 'City Fringe'. The 2008–09 recession further suppressed rents through the closure of numerous firms, making it affordable to technology start-ups, while redundancies from financial services companies, such as investment banks, released a local pool of experienced talent interested in entrepreneurship.
From 2010, as the cluster developed, both local and national government supported its growth, with the goal of creating a cluster comparable to Silicon Valley in the United States.Cisco, Facebook, Google, Intel, McKinsey & Company and Microsoft are among the companies that have invested in the area. City, University of London, London Metropolitan University, Imperial College London, Queen Mary University of London and University College London are all academic partners in projects based in the cluster.
Technology companies located in the area in 2008 included Dopplr, Last.fm, Consolidated Independent, Trampoline Systems, AMEE, Skimbit (now Skimlinks), Songkick, Poke London, Kizoom, Redmonk, MOO, LShift, Ket Lai, Solstice and Schulze & Webb.Other early companies to locate there were Tinker.it, flubit, TweetDeck, Berg, Fotango, weartical.com, Rummble, Squiz, Techlightenment, BrightLemon, Believe.in, Livemusic and WAYN. The name Silicon Roundabout was initially proposed as a tongue-in-cheek joke by Matt Biddulph.
Plans to help accelerate the growth of the cluster were announced by Prime Minister David Cameron in a speech given in east London on 4 November 2010.A year later, Cameron announced that he was appointing entrepreneur Eric van der Kleij to lead the initiative. In 2010 there were 85 startup companies in the area. By 2011, approximately 200 firms were occupying the area, signifying a rapid increase in interest. Wired magazine updated this figure in 2012 and suggested some 5,000 tech companies were located in the wider area centred on the Old Street roundabout. Wired maintains a topic on the area. In 2015 Douglas McWilliams of the Centre for Economic and Business Research, which is based on Old Street, authored The Flat White Economy: How the Digital Economy Is Transforming London & Other Cities of the Future.
On 28 September 2011 it was announced that Google had acquired a seven-storey building near Old Street roundabout. Google said that the building, in Bonhill Street, would host "a range of activities, such as speaker series, hackathons, training workshops and product demonstrations" in addition to providing workspace for new companies.The building, known as Campus London, opened in March 2012.
In 2013 the Nominet Trust selected "5 startups making positive social change" which are based in the cluster: Streetbank, Give What You're Good At, Videre Est Credere, Buddy App and PaveGen.
A report by EY published in 2016 highlighted the importance of London to the UK's FinTech industry in terms of availability of expertise and demand for services.
The earlier activities of the Tech City Investment Organisation and its funding by then-Mayor of London Boris Johnson hit the headlines in 2019 concerning his connections to American entrepreneur Jennifer Arcuri.
Investment in London's technology sector was $2.28 billion in 2015, 69 per cent higher than the $1.3 billion raised in 2014. Since 2010, London-based technology companies have collectively raised $5.2 billion of venture capital funding.
Notable technology companies active in the cluster include:
Educational institutions active in the cluster include:
Financial and professional services providers active in the cluster include:
A number of not-for-profit organisations have created a sense of community in the area including Independent Shoreditch,a business alliance, and Digital Shoreditch, which organises monthly meet-ups plus an annual festival of the same name.
East London Radio launched in 2013 as an on-line talk community radio station run entirely by volunteers, with studios in several East London boroughs.
Public sector organisations active in the cluster included:
This section contains content that is written like an advertisement .(October 2019)
As the cluster expands, a number of developments have been/or are due to be built, such as by ASAP Member Cuckooz, who launched its latest design-led apartments in 2018, targeted towards the tech companies and offer apartments in a renovated art deco style cinema dating back to 1870, and features a new arthouse cinema on the ground floor.While, the Atlas Building on Old Street has full planning permission and is substantially already pre-sold on the market. and The Maker, which is situated on Nile Street close to City Road on the very edge of Tech City and designed by Avanti Architects, which is underdevelopment and will provide 175 contemporary, apartments within an elegant 28-storey tower and connected low-rise building.
The rapid growth of the cluster has met with some criticism. The Centre for London think tank said in 2012 that it felt the development had little focus and could be counter-productive. The think tank also raised concerns over a skills shortage, connectivity, lack of mentoring and rising costs.Also that year Tech City was called a "marketing gimmick" on the wrong side of London, away from Heathrow Airport, which is still over 30% more expensive than any city outside London. James Dyson criticised the coalition government in 2012 for spending money on the scheme to attract international companies who Dyson argued would drive up rents instead of helping start-up and hardware companies, who he felt had greater potential than software and internet companies.
London Underground Northern line (City branch) and National Rail Northern City Line which is operated by Great Northern provide services at Old Street. With the increase in passenger numbers using the station, in 2014 Transport for London announced that it was to offer pop-up retail space at Old Street station as part of a drive to increase its revenue.
Old Street is a 1-mile (1.6 km) street in inner north-east Central London that runs west to east from Goswell Road in Clerkenwell, in the London Borough of Islington, via St Luke's and Old Street Roundabout, to the crossroads where it meets Shoreditch High Street (south), Kingsland Road (north) and Hackney Road (east) in Shoreditch in the London Borough of Hackney.
TechCrunch is an American online newspaper focusing on high tech and startup companies. It was founded in June 2005 by partners of Archimedes Ventures, Michael Arrington and Keith Teare, and was acquired in 2010 by AOL for $25 million. TechCrunch is also best known for its Disrupt conferences; an annual technology event hosted in several cities across United States, Europe, and China.
Silicon Wadi is an area with a high concentration of high-technology companies on the coastal plain of Israel, similar to Silicon Valley in the U.S. state of California, and is the reason Israel is nicknamed the Start-Up Nation. The area covers much of the country, although especially high concentrations of high-tech industry can be found in the area around Tel Aviv, including small clusters around the cities of Ra'anana, Petah Tikva, Herzliya, Netanya, the academic city of Rehovot and its neighbour Ness Ziona. In addition, high-tech clusters can be found in Haifa and Caesarea. More recent high-tech establishments have been raised in Jerusalem, Beersheba, and in towns such as Yokneam Illit and Israel's first "private city," Airport City, near Tel Aviv.
Index Ventures is a European worldwide venture capital firm with dual headquarters in San Francisco and London, investing in technology-enabled companies with a focus on e-commerce, fintech, mobility, gaming, infrastructure/AI, and security. Since its founding in 1996, the firm has invested in a number of companies and raised approximately $5.6 billion. Index Venture partners appear frequently on Forbes’ Midas List of the top tech investors in Europe and Israel.
Daniel Nicholas Quine is a computer scientist, currently VP Engineering at AltSchool.
Silicon Hills is a nickname for the cluster of high-tech companies in the Austin metropolitan area in the U.S. state of Texas. The name is analogous to Silicon Valley, but refers to the hilly terrain on the west side of Austin. High tech industries in the area include enterprise software, semiconductors, corporate R&D, biotechnology, the video game industry, and a variety of startup companies.
500 Startups is an early-stage venture fund and seed accelerator founded in 2010 by Dave McClure and Christine Tsai. The fund admitted a first "class" of twelve startups to its incubator office in Mountain View, California in February, 2011. They expanded to a second class of 21 in June 2011 and a third class of 34 in October 2011.
Startup accelerators, also known as seed accelerators, are fixed-term, cohort-based programs, that include mentorship and educational components and culminate in a public pitch event or demo day. While traditional business incubators are often government-funded, generally take no equity, and rarely provide funding, accelerators can be either privately or publicly funded and cover a wide range of industries. Unlike business incubators, the application process for seed accelerators is open to anyone but highly competitive. There are specific types of seed accelerators, such as corporate accelerators, which are often subsidiaries or programs of larger corporations that act like seed accelerators.
Silicon Milkroundabout is a series of job fairs held in London and Edinburgh for the UK tech start-up community. The event was set up by Songkick in order to attract computer science talent to the startup community. The event's name is a portmanteau of Silicon Roundabout and the Milk round university recruiting events.
Adzuna is a search engine for job advertisements. The company operates in 16 countries worldwide and the UK website aggregates job ads from several thousand sources.
Silicon Valley Bank, a subsidiary of SVB Financial Group, is a U.S.-based high-tech commercial bank. The bank has helped fund more than 30,000 start-ups. SVB is on the list of largest banks in the United States, and is the biggest bank in Silicon Valley based on local deposits.
SOSV is a venture capital and investment management firm that provides seed, venture and growth stage funding to startup companies in the technology sector. The company's focus is on accelerating startups via their market specific seed accelerator programs located in Europe, Asia and the USA. The firm is made up of 8 general partners, 120+ full-time support staff and thousands of worldwide mentors. SOSV is headquartered in Princeton, New Jersey, with back office operations in Cork, Ireland, and flagship offices in San Francisco, Shenzhen, Shanghai, Taipei, New York, Cork, and London.
Ve Global ("Ve"), formerly Ve Interactive, is a technology company based in London which has about 400+ staff.
Yabacon Valley (YV) is a nickname for an area within Yaba. Yaba is a suburb of Lagos, Nigeria and located at the mainland of the Lagos. This area is already growing as Nigeria’s technology hub and cluster of hundreds of banking institutions, educational institutions, technology and startup companies which steadily attracts angel investors, venture capitalists, enthusiasts and media people from all over the world. This cluster is the major reason many technology firms are considering opening up shops in Yaba. Close to the region is the Lagos Lagoon which lies on its south-western side, it empties into the Atlantic via Lagos Harbor, a main channel through the heart of the city, 0.5 km to 1 km wide and 10 km long. The term originally was born from an unintentional act of an absent mind, manipulating the Silicon Valley name to create a nick version for this cluster while writing a story title. More so, due to the lagoon near this region, the term Silicon lagoon has also been used to refer to this cluster although this is yet to stick and its origin or creator is unknown.
Silicon Docks is a nickname for the area in Dublin, Ireland around Grand Canal Dock, stretching to the IFSC, city centre east, and city centre south near the Grand Canal. The nickname makes reference to Silicon Valley, and was adopted because of the concentration of European headquarters of high-tech companies such as Google, Facebook, Twitter, LinkedIn, Indeed and startups in the area. The number of tech professionals working in technology firms in the area is about 7,000.
YPlan was a mobile-first event discovery and booking service, which was co-founded by Viktoras Jucikas and Rytis Vitkauskas in London, United Kingdom in 2012. Users are presented with a curated list of things to do, including last-minute events, which can be booked direct on the app or via the website.
Entrepreneur First is an international Talent Investor, which supports individuals to build technology companies. It has offices in seven locations; Toronto, London, Berlin, Paris, Singapore, Hong Kong, and Bangalore. Founded in 2011 by Matthew Clifford and Alice Bentinck, as of 2019 the company has had 1000+ people go through its programme, creating 200+ companies worth a combined $2bn. Entrepreneur First differs from other accelerators such as Y Combinator and Wayra in that it seeks out individuals to invest in, rather than existing companies.
Kim Taylor is an American entrepreneur. She founded the online college manager company Ranku and the recruitment technology company Cluster, the latter of which she is serving as its CEO.
Entrepreneurs Roundtable Accelerator is an American seed accelerator launched in January 2011.