East London Tech City facts for kids
Quick facts for kids East London Tech City
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 Old Street Roundabout |
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 East London Tech City
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| OS grid reference | TQ325825 |
| • Charing Cross | 2.5 mi (4.0 km) WSW |
| London borough | |
| Ceremonial county | Greater London |
| Region | |
| Country | England |
| Sovereign state | United Kingdom |
| Post town | LONDON |
| Postcode district | EC1, EC2 |
| Dialling code | 020 |
| Police | Metropolitan |
| Fire | London |
| Ambulance | London |
| EU Parliament | London |
| UK Parliament |
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| London Assembly |
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East London Tech City is a special area in East London, United Kingdom. It's also called Tech City or Silicon Roundabout. This area is like a big hub for many high-tech companies. Think of it as a neighborhood where lots of cool technology businesses are located.
It's mainly found between St Luke's and Hackney Road. There's also a special space for new companies at the Queen Elizabeth Olympic Park.
This area started growing around 2008. Back then, this part of London was not as rich as the City of London. It was known as the 'City Fringe'. When the economy slowed down in 2008-2009, many businesses closed. This made rents cheaper, which was great for new tech companies. Also, many talented people from finance jobs became interested in starting their own businesses.
Since 2010, the government has helped this area grow. The goal was to make it as famous for tech as Silicon Valley in the United States. Big companies like Cisco, Facebook, Google, Intel, and Microsoft have invested here. Many universities, such as City, University of London and University College London, also work with projects in Tech City.
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How Tech City Started
In 2008, some of the first tech companies in the area included Last.fm and Songkick. The funny name Silicon Roundabout was first suggested as a joke.
In 2010, the Prime Minister at the time, David Cameron, announced plans to help Tech City grow even faster. A year later, he asked a businessman named Eric van der Kleij to lead this effort. In 2010, there were about 85 new companies in the area. By 2011, this number quickly grew to around 200 firms. By 2012, some reports suggested there were as many as 5,000 tech companies in the wider area around Old Street.
In 2011, Google bought a large building near Old Street. This building, called Campus London, opened in 2012. It offers space for new companies and hosts events like workshops and product shows.
In 2013, a group called Nominet Trust chose five new companies from Tech City that were doing good things for society. These included Streetbank and PaveGen. A report in 2016 also showed how important London is for the UK's FinTech (financial technology) industry.
Money Invested in Tech City
In 2015, about $2.28 billion was invested in London's technology sector. This was much more than the $1.3 billion invested in 2014. Since 2010, tech companies in London have raised a total of $5.2 billion in funding.
Who is in Tech City?
Many different types of groups are part of East London Tech City.
Technology Companies
Here are some well-known tech companies in the area:
- 7digital
- Amazon – they have a Digital Media Development Centre here.
- Avoiding Mass Extinctions Engine (AMEE)
- BT – helps provide superfast internet.
- Bosch – has an incubator for new ideas.
- Cisco – has an Innovation Centre.
- EE – offers very fast 4G internet.
- Facebook – has a space for their developer program.
- Google – has an Innovation Hub and Campus London.
- Gojimo – a top UK app for studying.
- Inmarsat
- Intel – has a research lab for computing and energy.
- Last.fm
- Livemusic
- Microsoft – has a developer hub called the Microsoft Reactor.
- Mixcloud
- Nothing (technology company)
- PaveGen
- Qualcomm – helps new companies with ideas.
- R/GA – works on digital changes and helps new companies.
- Seedcamp
- Seedrs
- Simply Business
- Songkick
- Sports Interactive
- Stack Exchange
- Streetbank
- Stripe
- Tweet Deck
- Wise (formerly TransferWise)
Schools and Universities
These educational places also work with Tech City:
- City, University of London – has a space for students and graduates to start businesses.
- Imperial College London – helps create spaces for new companies.
- Loughborough University and University College London – work to connect schools with businesses.
- London Metropolitan University – has its own student business incubator.
Financial and Business Services
Companies that help with money and business advice:
- Barclays – has a special service for tech companies called 'Rise'.
- KPMG – offers accounting and tax advice to new tech companies.
- McKinsey & Company – helps new companies get started.
- Silicon Valley Bank – provides money for tech and science companies.
- Taylor Wessing – was the first law firm to open an office in the cluster.
Community Groups
Some groups help build a community in the area:
- Independent Shoreditch – a group of businesses.
- Digital Shoreditch – organizes monthly meetings and a yearly festival.
- Silicon Roundabout – organizes events since 2011.
- East London Radio – an online radio station run by volunteers.
Public Organizations
Government-related groups that helped Tech City:
- City of London Corporation – helped create the Innovation Warehouse.
- Tech City Investment Organisation (TCIO) – a government group that helped Tech City grow. It's now part of Tech Nation (NDPB).
Transport
You can get to Tech City by London Underground and National Rail trains at Old Street. Because more people are using the station, Transport for London decided to offer small shops there to make more money.
See also
- Financial technology
- Silicon Fen
- Silicon Glen
- MediaCityUK
- The Sharp Project
