The Prime Minister, David Cameron has announced the Government’s ambition for London’s East End to be transformed into a world-leading technology city to rival Silicon Valley. This ambitious agenda is part of the Government’s programme to create new jobs, diversify the economy and support sustainable economic growth.

Vodafone, Google, Facebook, Intel and McKinsey & Co are just some of the leading companies that have responded to the Prime Minister’s vision for technology in East London. Over a dozen leading companies and universities are today announcing new commitments to invest in the long-term future of the area, creating the right environment for the thriving start-ups already flourishing in London’s Old Street and Shoreditch areas to grow into the next generation of global businesses.

The Prime Minister also announced today that the Olympic Park Press and Broadcast Centres will live on beyond the London 2012 Games as an ‘accelerator space’ offering flexible office space, facilities and expertise to provide a world beating environment that will provide a life path for companies growing out of East London and beyond.

Prime Minister, David Cameron, said:

“Ten days ago, when I set out the coalition’s strategy for growth at the CBI conference, I announced an important change in government policy towards business and enterprise.

“We’re not just going to back the big businesses of today, we’re going to back the big businesses of tomorrow. We are firmly on the side of the high-growth, highly innovative companies of the future. Don’t doubt our ambition.

“Right now, Silicon Valley is the leading place in the world for high-tech growth and innovation. But there’s no reason why it has to be so predominant. Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world’s great technology centres. I want to show you how we can get there.

“For the past few weeks and months, we have had dozens of meetings with technology companies and venture capital investors from across the world. We said to them: “Here’s our vision for East London tech city – a hub that stretches from Shoreditch and Old Street to the Olympic Park. This is what local businesses are saying they need. What part can you play in making it happen?” I have to say: the response has been overwhelming.”

New investment in East London

We have agreed to create an ‘accelerator space’ in the Olympic Park, providing office space for companies that grow out of East London and beyond.

Andrew Altman, our Chief Executive, said:

“The Government’s vision for East London and the interest it has already generated from companies and research institutions provide a massive boost to our goal to build a vibrant, creative district in the future Queen Elizabeth Olympic Park. It shows a great sign of support for the process we launched last month to invite proposals on the Broadcast and Press Centres.

“We want to develop a dynamic new piece of city that will act as a magnet for innovative businesses and sustainable jobs. With its excellent transport links, unique mix of housing, world class sporting venues and attractions, parklands and high bandwidth network the Park will provide the perfect environment for the companies of the 21st century to flourish and grow.”