Published: Monday 4 April, 2011

Tech City Launchpad – a new investment to support creative and digital businesses in east London

The community of creative and digital businesses in the Tech City area around Old Street and Shoreditch in east London are to benefit from £1 million support from the Technology Strategy Board.

Companies will have the opportunity to apply for funding of up to £100,000 for their projects through a competition designed to support and extend the existing east London tech community. The Technology Strategy Board will also help them to find the match funding they need to deliver their ideas.

The Technology Strategy Board will work closely with UK Trade & Investment, the government department tasked with bringing new talent, entrepreneurs and investment to east London.

Today’s initiative will be announced by Universities and Science Minister David Willetts, while visiting TechHub in east London. The Minister said:

“It is important that we nurture clusters such as the one that has grown up in this area. They are the crucibles where new industries are born, where communities support one another and where companies grow to become globally competitive. This initiative, with strong community involvement and including coordinated help to enable the companies to move fast towards commercialisation, is exactly what clusters need.”

The Tech City Launchpad competition for funding, which opens on 6 May 2011, will be open both to companies in the Tech City cluster around Old Street and Shoreditch in east London and to companies outside the area, though the goal is that the work should take place predominantly in the cluster area.

Elizabeth Varley, Co-founder and CEO of TechHub, a space that brings together the technology community, said:

“This initiative is ideal for small and micro companies and start-ups in the Tech City cluster, which often struggle for capital or easy access to finance. That successful applicants will be supported in attracting match funding is an important part of this project. By being the first to show their financial support for these successful companies, the Technology Strategy Board will be making it much easier for businesses to secure co-funding either from new business partners or from angel or venture capital investors. To give companies this commitment to helping their talent and hard work come to fruition creates an exciting new model for public-private funding.”

Explaining the purpose of the investment, Iain Gray, the Technology Strategy Board’s Chief Executive, said:

“Companies in the digital economy and the creative sector are different from those in manufacturing. They are less capital-intensive, tend to be small or micro companies and often form tight geographical clusters. This unique competition is designed specifically to promote the community dynamic within these vibrant clusters, encourage cooperation and, ultimately, grow business in the area for the benefit of the UK economy.”

The competition opens for two-minute video submissions on 6 May 2011. Using both community and expert assessment to prioritise the proposals, about 20 project applications will be invited to submit written proposals. Ten will then be selected and offered up to £100,000 funding each. More information about how to apply is available from the Technology Strategy Board website at:

The offer of funding can then be used as a catalyst to attract match funding and the Technology Strategy Board will help approved projects gain the remaining 50% funding through a funding workshop involving key potential investors such as business angels, venture capitalists and other companies in the digital and creative industries. The successful companies will also have twelve months to secure the match funding they require.

If successful the initiative may be rolled out to clusters in other parts of the UK, and to other sectors.

Media contact

Media enquiries for the Technology Strategy Board should be directed to Claire Cunningham, Media Relations Manager, Tel: +44 (0) 1793 442901, Mobile: +44 (0) 7554 115745, Email: claire.cunningham@tsb.gov.uk or Nick Sheppard, Media Relations Consultant - Mobile: +44 (0) 7824 599644, Email: nick.sheppard@tsb.gov.uk

Media enquiries on Tech City please contact Susan Grieve at UK Trade & Investment, T: +44 (0) 207 215 4644 or susan.grieve@ukti.gsi.gov.uk

Notes to editors

1. The Technology Strategy Board is a business-led government body which works to create economic growth by ensuring that the UK is a global leader in innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit: Technology Strategy Board website

2. UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)20 7215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media. You can also keep in touch with developments at UKTI through www.blog.ukti.gov.uk, www.twitter.com/ukti and www.flickr.com/photos/tags/ukti

3. TechHub is the space for the global technology community. The first space is in London in the Shoreditch/Old St area (also known as ‘Silicon Roundabout’) and offers permanent desk spaces, co-working space, meeting rooms, an event space and a great programme of events. While it’s a place for tech entrepreneurs to touch down, work, plug in and use the fast wifi, what really differentiates TechHub from just a co-working space is the community. TechHub facilitates networking, collaboration, skills and knowledge-sharing via events, introductions and the website – plus that delightful ‘just bumped into someone’ factor. TechHub already has members from London, the wider UK, Europe, the Middle East, and the US and are reaching out elsewhere around the world. TechHub London is already proving a great connection point for Europe with members from the Netherlands, Italy, Switzerland, France, Germany, Poland, and Spain using TechHub as their touchdown point in London. The coming year will see international TechHubs added to the first in London and current likely locations include San Francisco, Paris, Berlin, Singapore, Hong Kong and Seoul, plus other cities within the UK. Visit http://www.techhub.com, email press@techhub.com, phone +44 207 490 0764

4. Further information about the Tech City LaunchPad competition for R&D funding in digital projects can be found at:

5. Projects will be 50% funded by the Technology Strategy Board, up to a maximum of £100,000. The Board will then help the companies with the approved projects to gain the remaining 50% funding (up to £100,000) through a funding workshop. The companies will have twelve months to obtain match funding. Once obtained, the projects can start. The projects will then last up to a year.

6. Iain Gray, Chief Executive and David Bott, Director of Innovation Programmes at the Technology Strategy Board, are available for interview about this initiative. To arrange an interview please contact the Board’s media relation manager or consultant (see below).

7. Companies and other organisations seeking information about Technology Strategy Board funding competitions should visit the Competitions page of the Technology Strategy Board website – Competitions page , email competitions@tsb.gov.uk, or phone the Competitions Helpline at +44 (0) 300 321 4357

8. To see all press releases from the Technology Strategy Board please visit: Press Releases

9. To subscribe to the Technology Strategy Board’s RSS newsfeed please visit: RSS newsfeed