Silicon Roundabout to get £1 million funding boost

Silicon Roundabout, the buzz-name for London’s Old Street area in Shoreditch where a growing number of tech start-ups are popping up, is to receive £1 million worth of government funding.

Ten lots of £100,000 are up for grabs to ten tech firms with the best pitches announced David Bott, the Technology Strategy Board’s director of Innovation Programmes, at the Digital Shoreditch Festival today.

“This unique competition is designed to promote the community dynamic within the Tech City area, encouraging cooperation and growing businesses in the area,” said Bott.

“We want to support this hotspot of digital and creative industries by enabling companies to go further and faster towards commercial success. We are looking for projects that may be too risky for companies to go for alone, or that may take them into new areas.”

For more information on the Digital Shoreditch Festival, click here.