Silicon Roundabout takes UK start-up crown
A hub for nascent technology companies in the UK capital was home to more start-ups than any other district of the country during the year to March, new figures reveal.
London’s Silicon Roundabout, seen as a centre for new IT businesses, hosted 15,720 start-ups over the 12-month period, easily outstripping any other UK area, including the capital’s financial districts of St James’s, Bishopsgate and Canary Wharf.
Accountancy firm UHY Hacker Young, which obtained the figures, signalled that a clustering effect was behind the dominance of 'ECIV' by pointing out that the postcode already covers leading app developers (such as Hail-o), games developers (such as Mind Candy) and online fashion boutiques (such as Stylist Pick).
The firm also attributed the start-up dominance of Old Street and its vicinity to major regeneration projects, such as the creation of new infrastructure, combining with relatively cheap rents on commercial premises.
“Clusters of expertise can be highly effective in driving new business creation,” UHY Hacker Young partner Colin Jones reflected of Silicon Roundabout which, although “has been an emerging business destination for some time,” has “really taken off” since “the internet and app industries started to colonise the area.”
17th July 2013