News: TCIO response to Centre for London report

The Tech City Investment Organisation welcomes any research seeking to add insight and understanding to the development of the tech cluster in East London. However, Centre for London’s report seems to have some misconceptions about what it refers to as “Government Tech City strategy”; many of the actions it recommends as ‘new’, such as mentoring and attracting the right kind of investment to the area are already taking place. There are also recommendations in the report that we can take on board in the future.

We completely agree with the report that there is “no simple formula for creating a successful high-tech cluster”. We are not trying to create or even follow a formula: the cluster of tech, digital and creative companies was growing organically in East London and will continue to do so, regardless of government intervention. Our role is to provide help and support where we can to help ensure long-term, sustainable growth – whether that’s through policy initiatives from central Government or through business support delivered by TCIO.

When the Prime Minister spoke about his vision for Tech City 18 months ago, it was about supporting the cluster emerging around Old Street to become the Tech City of Europe – a hub that stretches from Shoreditch and Old Street to the Olympic Park.

The cluster is naturally gradually moving beyond Old Street as it grows.

However, in identifying the three aims of “Government Tech City strategy” as fostering small and medium size businesses in the area, promoting international investment into the area, and encouraging its spread eastwards to the Olympic Park, the report is not entirely accurate.

The report correctly identifies TCIO as one of the organisations working to help the cluster flourish, working alongside others such as London & Partners and London Borough Of Hackney. We focus on helping businesses set up in the area that’s right for them – whether that’s in Shoreditch, Greenwich or Stratford.

The report says that ‘policymakers should refocus on supporting the growth of the existing cluster, and encouraging the development of high-performing firms’ – that’s exactly what Government policy is doing. In the past 18 months, there have been significant policy developments designed to support start-ups and the tech and digital industries. These include the new Seed Enterprise Investment Scheme, R&D tax credits, and the opening up of Government procurement to support SMEs.

That’s also what TCIO is doing – with support for international expansion, support for scaling through mentoring and youth education programmes and through encouraging international investment.

If you’d like more information, you can download our annual impact report and priorities documents.

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