Benjamin Southworth is the deputy chief executive of the Tech City Investment Organisation (TCIO), which supports the growth of the tech cluster in East London. He explains why entrepreneurs are attracted to London.
“The main reason companies should start up here is because this city is super, super cool. London has all of the little ‘bits’ in place, and Tech City is joining the dots up. We’re trying to create Britain’s digital economy,” he says.
Encouraging the growth of the digital economy has been a major priority for the UK Government which, over the last two years, has introduced a number of policy changes to encourage growth. This includes the introduction of an entrepreneur’s visa, tax breaks for start-up businesses and corporation tax relief.
“London was ripe to benefit from the digital revolution,” says Gordon Innes, chief executive of London & Partners, London’s official promotional agency. “We’ve got the largest software cluster in Europe and a critical mass of creative industries.”
East London, in particular, is at the heart of the digital economy. “This is the youngest, most cosmopolitan part of the city,” Innes continues. “There is an incredible urban vibe, a fantastic fashion and music scene and plenty of creative industry businesses. It has become the UK’s tech incubator.”
For Eze Vidra, head of Google Campus, a co-working space at the heart of Tech City, London offers the “trifecta” of start-up success: talent, capital and ideas.
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