Written question asked by John Denham (Labour) on Friday, 1 April 2011, in the House of Commons. It was due for an answer on Tuesday, 5 April 2011. It was answered by Mark Prisk (Conservative) on Tuesday, 26 April 2011 on behalf of the Department for Business, Innovation and Skills.

Technology

Question: (5) how many companies have notified his Department of a commitment to locate in the East London Tech City;

Answer: The Shoreditch area of east London already hosts 200 high-tech companies. The initiative announced by the Prime Minister on 4 November 2010 is aimed at promoting the development of Tech City further as a world-leading tech cluster and, as a result, so far over a dozen leading companies and universities have committed to investing in Tech City.I have made no recent assessment of the jobs attributable to this initiative, and the Department is not offering any financial incentives specific to Tech City. However, UK Trade and Investment (UKTI) has established the Tech City Investment Organisation (TCIO) to co-ordinate its efforts to promote east London's Tech City as a location for high-tech investments.This will include engaging further with the above mentioned companies to turn their commitment into tangible investments, and engaging with a second wave of companies to do the same; putting together propositions for the best non-UK venture capital firms and business angels to encourage them to focus on deals in the UK and to expand their operations in the UK; and identifying experienced entrepreneurs and business people to take up roles as mentors or non-executive directors to help the development of early stage companies and beyond.The TCIO is made up of four experienced entrepreneurs, four UKTI business specialists and four other UKTI officials. Project meetings are convened at No 10 on a weekly basis to review progress against TCIO's delivery plan.

Secondary information