Investment doubled for Tech City

The Tech City Launchpad competition for East London hunting for innovative and creative digital businesses is now looking for 20 firms to receive a £100,000 grant instead of the original 10, writes Linda Endersby. The Technology Strategy Board is increasing the funding available to the incent

The Tech City Launchpad competition for East London hunting for innovative and creative digital businesses is now looking for 20 firms to receive a £100,000 grant instead of the original 10, writes Linda Endersby.

The Technology Strategy Board is increasing the funding available to the incentive to £2m due to the high standard of the 40 plus proposals that made it through the first round of the competition.

Following detailed, expert assessment, twenty of these will be offered up to a maximum of £100,000 funding.

Details of the twenty successful applications, and further information about the funding workshop, will be announced in early August.

 Iain Gray, Chief Executive at the Technology Strategy Board, said that it wanted to show commitment through investment to firms that were worth backing.

The project, launched in April 2011, has been concentrated on Tech City the area around Old Street and Shoreditch, home to more than 250 high-tech companies today and the funding will help draw investment and talent into the area and encourage networking and collaboration to strengthen the hub. 

Tech City is also attracting Royal backing with their Royal Highnesses the Duke and Duchess of Cambridge visiting a conference in Beverley Hills to be attend a panel debate on Tech City tomorrow.

This is their first engagement to promote British business and to encourage overseas companies to invest in the UK.

Trade and Investment Minister, Lord Green commented :"I am delighted that the Duke and Duchess of Cambridge are giving their very public support to Tech City and to British business."

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