REUTERS/James GlossopA decade ago today, UK Prime Minister David Cameron laid out his vision for 'East London Tech City', a promising new hub he hoped would draw plucky young startups and tech giants alike. The UK can boast the bulk of European venture capital funding and tech talent, but Cameron's vision has not come to pass.
Glenn Shoosmith, founder of scheduling platform BookingBug , was invited to speak at the Cameron launch event. "There was a real feeling something exciting was happening," he told Business Insider. "It was so much fun. It fit all the cliches of that 'work hard, play hard' ideal." Officials set up the Tech City Investment Organization, a government-run quango, to encourage growth and development in the area. Members advocated tax breaks for promising firms and offered guidance to startups seeking investment, while Cameron took to hosting monthly lunches with the industry's rising stars.
"What we found was that, as you mature as a company, when you start hiring marketing directors and the like, suddenly everyone lives in [the much more affluent] West London. They don't want to be in some super cool startup area ... The gravity of the company shifts."
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