IT developers from anywhere in the world can apply for funds and mentoring if they have a good idea. 20 ideas and the teams behind them will be chosen every year.
This initiative in question is known as the Difference Engine. Cheap name grab you may think but I am sure Babbage would approve.
The Difference Engine is like Seed Camp in that it funds tech ideas and tries to turn them into businesses. It is based on a tried and tested programme in the US known as Techstars, which focuses heavily in the mentoring rather than the financing.
I went to see the founder of the programme and I must admit after speaking to him and one of the founders of its US inspiration Techstars my normal aggression as a reporter looking into a company launch was somewhat muted.
It is a good idea. Why shouldn't the UK have a Silicon Valley.
The other question is whether the UK education system is producing enough programming talent to compete with places like India?