The London Silicon Roundabout
It was developed as a response to the plans of the Prime Minister David Cameron, it was announced in a speech given by Cameron on November 4th 2010, when he declared his interest in promoting Eric van der Kleij as a leader for his initiative.
Also known as Tech City, Silicon Roundabout is an important technology cluster in the United Kingdom (UK). It is a small area that encompasses Shorteditch, Hoxton and Old Street. It was intended to be the Silicon Valley homonym for Europe.
Tech City is the only cluster with full governmental recognition and support, here we can find important firms like Amazon, Cisco, Last.fm, Facebook, Aurora Fashions, Intel, among other.
For some skeptics it is far from being like Silicon Valley, however the figures show its success, because there was a boom of startups and $5.4 billion in capital was invested in 2017 according to Atomico’s State of European Tech report. But even with that promising trend, unfortunately for those who believed in this cause the market value of the entire european tech sector amounts to just 7% of that of the U.S. comparatively.
Indeed it has been a significant progress for the economic growth of the technology industry and startups in Europe, but still it is a tiny market compared with U. S. and Asia where companies can scale up easily, furthermore financing ecosystem works for smaller companies, since funding rounds are smaller.