Tech City Investment Organisation publishes first Impact Report

London, 4 May 2012 – The Tech City Investment Organisation (TCIO) today publishes its inaugural Impact Report, a review of activities and achievements against objectives for the 2011-2012 fiscal year. The report also lays out initial targets and objectives for measuring the organisations performance in 2012-13.

Established as part of UK Trade & Investment (UKTI) in April 2011 to support and accelerate the growth of the tech cluster in East London, TCIO had three core objectives for its first year. First, to assist in securing foreign direct investment (FDI) in Tech City. Secondly, to engage with overseas VCs and help them to set-up or start evaluating deal-flow in Tech City. Third, to support the cluster and raise its profile internationally.

Against its first objective of attracting FDI to Tech City, TCIO helped attract 37 companies to Tech City. This was delivered against an initial target of 26 companies. Of the 37 companies, the TCIO team directly assisted 26 in investing in Tech City, while a further 11 were delivered by the broader UKTI team, using TCIO collateral and events to assist companies moving to the cluster. In the coming year, TCIO has a target of attracting 50 companies to the area.

In terms of VC engagement, TCIO’s target for its first year was to formally engage with 15 overseas VCs, with a view to helping three begin evaluating deal-flow in Tech City. The TCIO team has started building relationships with 29 leading firms such as Sequoia and Kleiner Perkins, briefing them on the developing ecosystem in Tech City; four of these firms then participated in November’s Entrepreneur’s Festival. While TCIO exceed targets for engagement, there is more that can be done to help overseas investors access deal-flow in the cluster. Targets for 2012-13 include facilitating 50 specific investor pitches for Tech City companies and attracting three overseas investors to establish investment facilities in Tech City.

Underpinning the third objective of support to the cluster were export promotion, mentoring and talent development initiatives, alongside events and marketing communications. While much of TCIO’s focus in its first year has been to attract inward investment, helping companies expand internationally is a core TCIO role. This will be even more important for the organisation in the coming year, with a target of significantly assisting 25 Tech City companies with international expansion.

The team exceed initial targets of organising 25 events in the UK and abroad, hosting more than 30, including the Entrepreneurs Festival with over 200 entrepreneurs from around the world for a one-week bootcamp with over 80 mentors and the opportunity to pitch to VCs from the US and Europe. The Mentorship programme launched in November 2011, and at least three mentors have continued their relationship with Tech City companies as a result.

In addition to publishing the Impact Report, interested parties are invited to provide feedback on what the organisation’s priorities should be for the year ahead. These will be shared in June.

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For more information, please contact:

The Tech City Investment Organisation: 020 7413 3751 or [email protected]

The Tech City Investment Organisation (TCIO) was created in March 2011, following Prime Minister David Cameron’s announcement of the Tech City initiative in the ‘Silicon Roundabout’ area of East London. TCIO was set up by UK Trade & Investment (UKTI) and is designed to help the existing cluster of tech-digital and creative companies flourish. Tech City stretches out from the financial heart of the City of London to Stratford and the Olympic Park in East London, and is the fastest growing technology cluster in Europe. The TCIO team is a　unique combination of experienced entrepreneurs and UKTI business specialists. Their role is to help　existing companies succeed, as well as attract global business, entrepreneurs and high-value investment to the digital capital of Europe. For more information, visit www.techcityuk.com or www.ukti.gov.uk/techcity or follow us @techcityuk

UK Trade & Investment (UKTI) is the Government Department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)20 7215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media.