Innovation, fashion, design and philosophy from around the world
As attendee of the London Web Summit last Friday, I had the opportunity to learn closely the evolution of the London Tech Sector.
One of the main scheduled speakers, Joanna Shields, successful exec at some of Silicon Valley’s digital giants, was recently appointed Chief Executive Officer and Chair of the UK’s Tech city. She thrives on helping companies scale.
Tech city is a government initiative to develop a technology hub in the East End of London to rival that of Silicon Valley and other major tech centres.
In recent years, the number of digital businesses located in the area of Old Street Tech City, the east of London, has increased. Now, the goal is to help them become larger companies.
The real challenge is how to get the speed of growth for companies in Silicon Valley, how you can go from $ 10 million to $ 100 million and then to half a billion.
For the time being venture firms are playing a key role in developing the ecosystem along with early-stage. London has become an attractive place to raise seed money.
However, the main goal is that the most promising companies are no longer required to go public in U.S., change in public markets is an important step.
Other announcement from the government is an investment towards regenerating the Old Street roundabout. The new building will have classrooms, working spaces and workshops equipped with the latest 3D printing technology, for use by both the local start-ups and the wider community.
Shields is determined to change and it is a big challenge to recognized that Silicon Valley did not have a monopoly on innovation.
Company: Tech City
The Tech City Investment Organisation (TCIO) was established by UKTI to support the growth of the tech cluster in East London
Source: Web Summit