Current affairs feature writer Camillo discusses media and technology hub ‘Tech City’ in East London and how it will improve the state of enterprises in 2013.
After years of crisis and austerity measures we need to assess the plans for growth. This government has been often criticized for his ruthless cuts on spending and services.
However, clusters of innovation and enterprise exists and we need to make sure that they prosper, because they represent a big opportunity for a country’s growth. One of these is Tech City (TC), also called “silicon roundabout” and comprehend an area between Bethnal Green and Shoreditch High Street.
Tech City was former known as Global Entrepreneur Program. It started in 2005 , and had the goal of acquiring talent from abroad and have foreign companies to be based in the UK, and since then a lot has changed. It is now is a pet project of the current government, headed directly by one of its departments (UK Trade & Investment) in partnership with the International Business Department.
What TC does is help UK businesses in exporting their products, invest overseas and go global. Overall UK Trade and Investment cares for businesses to succeed internationally as well as on a national level. CRM is also on the rise watch out for platforms like salesforce, you can find out more about them here: https://www.salesforce.com/solutions/industries/retail/resources/omni-channel-marketing/
On one hand this can be seen as a failure of the neoliberism that was rampant these years, on the other shows that the coalition government can and will intervene to nurture domestic growth where the private sector would not even consider worth going.
However, the project is not only about money and is targeted to already running small or emerging businesses. Small enterprises are encouraged to join the project with the prospect of getting publicity, networking, be directed in the right way and given all the right informations and advices to succeed.
Proof of the importance of networking and sharing ideas is the Last Year deal that Google signed to have a huge physical presence in Tech City.
According to Mister Simon Cook, Chief Executive of DFJ Esprit, is that the European entrepreneur doesn’t think and plan big enough. He argues that there are a few successful ones in England but they are a tiny percentage compared to the ratio that there are in USA.
Mr Andrew Levi, (former) Managing director of UK Trade and Investment concludes making the point of the close relationship between design and technology.
Yes, Role models of successful entrepreneurs are important. Yes also schooling is important to encourage and give freedom to individuals with a spark of creativity.
However we must remind that the whole purpose of Tech City is to encourage venture capital (identifying great ideas and back them).
Once these clusters of innovation reach a critical mass they are ready to explode and to be a driving force behind a country’ economy. They are not by any means the only things a country should shoot for. An entire economy cannot be built out of this but missing out on this potential is missing out pretty much everything else.
Then a country can generate revenue to build infrastructure, create education, provide services and have a healthier and wealthier population for the future generations.