The technology industry is forever growing and in recent years it has really seen a giant boom in the number of businesses focusing their efforts on developing new technology, developing things on the web as well as media and digital relations. Whether a business is a large, iconic brand or a small startup that is making its first steps into the business market, it is likely they will rely on the paths and examples set by those before them.
Silicon Roundabout and East London Tech City are terms thrown around occasionally; though some people may be clued up on what the terms are in reference to, others may have never heard of them. It is useful to understand what is meant by Silicon Roundabout and the impact this has on the technology world. Here some of the commonly asked questions about Silicon Roundabout are answered in a bid to explain Tech City and the companies it involves.
Silicon Roundabout: Questions Answered
What is Silicon Roundabout?
Silicon Roundabout is a term that crops up again and again among web businesses. Often referred to as Tech City, Silicon Roundabout describes an area of London located in Central and East of the city. The reason behind the name Silicon Roundabout is in reference to the large number of technology and web based businesses based in the area.
Where is Silicon Roundabout?
Silicon Roundabout is located at the Old Street Roundabout, London. It runs from Old Street to the Olympic Park in Stratford with Shoreditch being the central hub. Specifically, Silicon Roundabout’s official centre is in EC1.
Why is it called Silicon Roundabout?
The name Silicon Roundabout comes from Silicon Valley; the name given to an area comprised of a number of technology based businesses in California, the United States. It is referred to as a roundabout as it is nearby to the busy Old Street Roundabout, London.
Silicon Roundabout can also be referred to as Tech City and East London Tech City; these terms are used varyingly but all mean the same thing.
How large is Silicon Roundabout?
Though it is not as widely known as Silicon Valley, Silicon Roundabout is in fact the third largest startup cluster of technology businesses worldwide. The first and the third largest are located in San Francisco and New York City.
What businesses make up Silicon Roundabout?
There are a large number of technology businesses and startups that make up Silicon Roundabout. Many new businesses that have yet to gain momentum and are still widely unknown are based here along with popular, global companies; these include Amazon, BT, EE, Barclays, Facebook and Google.
How did Silicon Roundabout come to be?
In recent years, Silicon Roundabout has grown to become a central hub for media and technology companies; this has been helped enormously by the government, businesses and educational players. Many saw the potential of London having its very own Silicon Valley and therefore the development of the area was encouraged.
Many large global companies invested in the area including Facebook, Cisco and Intel. This, combined with backing from David Cameron saw Silicon Roundabout grow. Even UK universities came on board to help with the Silicon Roundabout goal, with City University London, London Metropolitan University, University College London, Imperial College London and Loughborough University becoming academic partners.
Does Silicon Roundabout grow in size?
Yes, it is estimated that in 2014 five times as many businesses began in the area compared to the amount in Canary Wharf. Furthermore, it is estimated that there are over 15,000 new businesses present, which highlights just how bustling the area.
The Importance of Silicon Roundabout
It is important to have a dedicated central hub of technology and media businesses in the UK, as it places the country in running with bigger technology areas such as those in San Francisco and New York City. With a capital as bustling as London, Silicon Roundabout provides a go-to area for startups, global businesses and established brands. With so many large worldwide businesses beginning life in London, Silicon Roundabout is key for showing that despite being smaller in size, London has as much to offer in terms of quality startups and new businesses. Silicon Roundabout provides a space for small startup businesses to mix and mingle in with giant global business superstars.
There you have it, some key pieces of information that will help even a technology novice to understand Silicon Roundabout, or Tech City if that is your name of choice, and the businesses it involves. Like Silicon Valley, Silicon Roundabout is set to grow in size and in influence in line with the digital and web market. Whether a business is London based, UK based or based abroad hubs such as Silicon Roundabout are key.