Old Street’s ’silicon roundabout’, in East London’s Tech City, courtesy of Torcello Trio on Flickr
6 December Prime Minister David Cameron today announced IDEALondon in London's Tech City, an innovation 'hot-house' established by UCL and partners Cisco and DC Thomson as the Innovation and Digital Enterprise Alliance (IDEA). IDEALondon aims to support the growth of digital and media companies, in particular the most promising start-ups which have come to characterise the area known as Tech City. It is anticipated the facility will host around 25 digital and media companies which, it is hoped, will collectively employ around 100 people in TechCity, in addition to staff working in other locations across the country. The facility - a unique alliance between a world-leading research institution, a world-class information technology provider and an international media company - delivers on the partners' commitments to support Tech City. It represents over £3.5m of investment by the three partners over the first three years of operation, with additional investment in individual businesses. Unlike typical business incubators and accelerators, IDEALondon will support companies who will be championed by one of the key partners. IDEA will develop services to support and grow start-ups in the digital and media sectors which are clustered in the Shoreditch area, with each partner bringing their own strengths, existing relationships and expertise to the project.
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