East London is the focus for a major government investment in technology start-ups.
The Technology Strategy Board has decided to increase the amount of funding available for the Tech City Launchpad initiative to £2m.
The TSB said it has made the increase due to the large interest from start-ups in the initial announcement of the Tech City Launchpad in April.
The initiative attracted around 200 ideas and the companies that submit the best 20 detailed proposals will have the opportunity to bring their ideas to life, and grow their businesses, due to the financial support and backing of the Technology Strategy Board.
“The Tech City Launchpad competition has already been a great success and the additional funding will enable us to double the number of small and micro companies and start-ups we are supporting,” said Universities and Science Minister David Willetts.
“The competition makes the most of the cluster of high tech companies in London, enabling those selected to go further and faster and transform their ideas into commercial reality,” said Willetts.
The initiative is focused on what the TSB has dubbed “Tech City”, which is the area around Old Street and Shoreditch in East London.
According to the TSB, the area is home to more than 250 digital, creative and high-tech companies and is “Europe’s fastest growing technology hub”.
There are also plans to roll out the investment initiative nationally to help stimulate the growth and success of UK small businesses.
According to Eric Van Der Kleij, CEO of Tech City Investment Organisation: “The competition is yet another proof point to show that the Government is committed to the success of Tech City, and to reigniting a culture of entrepreneurialism in the UK.”
When the Tech City Launchpad competition was launched in April 2011 by Universities and Science Minister David Willetts, £1m of Technology Strategy Board funding was made available and ten project applications were to be offered up to £100,000 each.
With £2 million now available, the number of projects to receive funding will double to twenty.
To see some of the submissions.
For more information please visit: Technology Strategy Board website.