The government has made an announcement about the entrepreneurial innovation cluster called “Tech City”, following David Cameron’s speech in East London in November last year, which will be a technology hub, based in the heart of London’s East End.

According to recent statistics, in 2008, there were 15 high-tech companies within close proximity of London’s Silicon Roundabout, by 2011 approximately 200 high-tech firms are now occupying the area, signifying a rapid increase in interest and economic growth.

Here at Morgan Pryce we have taken a keen interest in the General Assembly, an ‘Urban Campus’ from New York which is integrating meeting places with hot-desking, running evening classes and offering courses for topics such as iPhone app development, Product management and SEO.

The General Assembly has plans to set up a 20,000 square foot base in Clerkenwell in East London in spring 2012 once receiving investment from the Russian Entrepreneur Yuri Milner whose wealth has carried Facebook, Groupon and Spotify.

Ministers said 30,000 new jobs would be created by 2015 by giving cheaper business rates, superfast broadband and lower levels of planning control.

David Perrins, Director at Morgan Pryce said of the plans: “This type of movement is exactly what London needs to help develop the next generation of entrepreneurs. With businesses often finding it hard to get off the ground, providing support in this way is a great boost, we will be keeping an eye on these developments with a keen eye.”