Tech City UK: one year laterOctober 3, 2011
So it’s been a year since I wrote my long rant about Tech City UK. Someone asked me the other day what I thought about things now so I thought I’d write about it again.
Silicon Roundabout / Tech City: it’s not about location
Since November 2010, things haven’t changed much in Old Street, except that the Silicon Roundabout thing went from a joke to becoming a marketing vehicule for Shoreditch. Companies moved in the area and started waving the flag around. I started to track activity around the expression on a Tumblr site. Journalists from the US came to visit, companies from the world of advertsing, PR and others are organising tours, walking around trying to understand what is happening behind the converted factories. Local companies had a football match, organise recruiting events and shared food recommendations. I use the past tense as activity has diminuished over the summer as London snoozed. I’m curious if it will pick up again, or we’re kindof collectively over it. If anything, I predict that Tech City will replace the tongue-in-cheek moniker, and Stratford will stay isolated. Right now, the idea of a technology & innovation hub makes sense in Shoreditch, not Stratford. Google’s choice of (sales) offices south of Old Street means they’ve understood that too even if becomes just another TechHub. I’m not sure where the Olympic legacy fits in anymore. It’s even dissapeared from public discourse as Cameron finds himself with other fish to fry.
Show me the money
Having a bunch of startups in a city means you have to build an investment ecology around them. What’s changed the most in the past year is how many of those startups started to turn to government for funding. VC & angel funding isn’t quite there yet but The Technology Strategy Board, a governmental funding body started putting out calls for more web & tech centric topics after years of catering to industrial manufacturing only. Their call on “internet of things” for example generated a lot of buzz, as did the Tech City call that fueled Makielab. It would be useful, instead of bullying corporations to open offices around here, for the government to get them to invest some money in start-ups funds, not unlike the Awesome foundation. I’m sure this sort of scheme could count as social corporate responsibility. Of course if most of these startups end up being acquired by US businesses, you could argue this isn’t doing our economy much good on the long term, but as we all know governments aren’t good at long term plans anyway.
So I’m not sure if I’m excited or not yet. And I guess that’s the problem.