Innovation Asset Blog

UK, along with U.S. tech giants, seek to make East London a Silicon Valley competitor

Google and the U.K. government provided an outline Thursday to turn London's East End into a hub of technological innovation meant to rival Silicon Valley in California. Google announced in a separate statement that the tech and software giant will open up a training and development center in the blossoming London neighborhood.

"We haven't proposed anything quite like this in Europe," a Google spokesman told AFP.

The "innovation hub" will host workshops and product demonstrations for entrepreneurs and tech startups, as well as provide a location for Google employees to coordinate with local innovation and IP developers.

Prime Minister David Cameron will propose a new visa for foreign entrepreneurs and VCs looking to invest in the growing London tech industry. Intel, Facebook and Cisco have also announced plans to help develop the area.

Mr. Cameron hopes to create an environment in London that will compare to the relatively lax logistical and regulatory atmosphere enjoyed by U.S. entrepreneurs and innovators.

"The founders of Google have said they could never have started their company in Britain," the Prime Minister said in a speech Thursday. "The service they provide depends on taking a snapshot of all the content on the internet at any one time, and they feel our copyright system is not as friendly to this sort of innovation as it is in the United States."

Still, with growing concerns over innovation management and protection, even the most coveted American tech ventures are seeking means to protect their ideas and intellectual property.

Peter Ackerman

Peter Ackerman

Founder & CEO, Innovation Asset Group, Inc.