UK To Create Entrepreneur Visa, Review IP Law And Secure £200M in Funding To Create TechCity

Article published on Nov. 5, 2010
Article published on Nov. 5, 2010
The following article is from: The Next Women Oh! I wish our Prime Minister follows David Cameron's attitude over the matter! We can do that! ''The announcement from UK Prime Minister David Cameron could bring enthusiasm to entrepreneurs in the UK and across the World. This could be the first move to what might decentralise the tech scene from the Valley, at last.
The initiative follows government plans to create more private sector jobs to compensate for public cuts, while leveraging investment from technology giants such as Intel, Cisco and BT to create a hub in East London.

Uk flagWe all know North America’s melting pot has been key in attracting the best startup talent in the World, and the government is stepping up to its promise for growth by taking the first step to compete with them – open doors to entrepreneurs. New Entrepreneur Visas will allow startups having raised “serious investment” to fast track their business to the UK.

The prime minister also promised to introduce more ‘fair-use’ provisions to the laws governing intellectual property in the UK, similar to the ones that allowed Google to develop in the US.

“We will be reviewing our IP laws ... to make them fit for the internet age. ... We are firmly on the side of the high-growth, highly innovative companies of the future. Don’t doubt our ambition.“ – David Cameron


The government is betting on East London to become the new Silicon Valley, nicknamed TechCity: “Right now, Silicon Valley is the leading place in the world for high-tech growth and innovation. But there’s no reason why it has to be so predominant. Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world’s great technology centres.”

Google, Facebook and Intel, to name just a few, are expected to build new offices in the new hub, with many offering free support and advice for local startups, including Barclays, Qualcomm and McKinsey. Silicon Valley Bank has already expanded to the UK and will provide financing for UK technology companies.

Now the question is: Will European Investors follow the UK Government’s lead to make European Startups as successful as American ones? Or will the best local talent still have to move to America to attract the right investment, especially at seed stage?''