As a result, several hundred million pounds looks set to be invested by the American company to help foster an environment of innovation and dynamism in office space sites initially being readied for use during the 2012 Olympic Games.
Cisco is getting involved through the British Innovation Gateway, which Mr Cameron is hoping will help the ‘East London Tech City’ to become a “world-leading technology centre”.
The government and the Olympic Legacy Company are both very much involved in the scheme that is aiming to ensure that enough money, expertise and manpower is channelled in the proper way to initiatives across the east of the city.
In response to news of Cisco’s commitment, Mr Cameron commented: “This will help create many new jobs and opportunities and support our drive to diversify our economy and generate sustainable economic growth.”
Cisco chief executive John Chambers said: “We are delighted to be working with the UK government on this project as a logical progression from our work in the east of London for the London 2012 Olympic Games.
“The prime minister’s Tech City initiative is very exciting for the UK and we have worked closely with the government on ways to strengthen it.”
A not dissimilar idea is already taking hold in New York, where an area of open plan office space in Manhattan dubbed the General Assembly is attracting ambitious start-up technology companies from across America and gaining support from the likes of the New York City Economic Development Corporation and the Silicon Valley Bank.
Editor’s notes: Since publishing this story, Cisco was joined by several other high-profile tech companies including Amazon, Facebook, Google, Intel, McKinsey & Company and Microsoft in investing in East London’s Tech City, also known as Tech City and Silicon Roundabout due to its proximity to Old Street Roundabout
There is a wide range of workspace rental options available at Tech City including leased office space for rent as well as flexible office space and workspace solutions such as coworking lounges and fully-serviced offices.
There are approximately 20 flex space providers offering this kind of space and the profiles of the operators of flexible office space in Tech City can be seen here
As of May 2023, over 30 tech firms rent office space at Tech City.