Shoreditch set to become Silicon Valley, says PM

David Cameron announces his vision set to become reality after leading tech firm promises to invest in Shoreditch

The PM has announced his vision for Shoreditch to become the next Silicon Valley is “gathering pace,” after a leading electronics firm promised to set up an “innovation centre” there.

Prime Minister David Cameron expressed his hope the area could become one of the world’s leading technology centres, when he visited Old Street last November.

This week in a meeting at Number 10 Downing Street, John Chambers - the chairman and chief executive of multinational electronics and communications firm Cisco - told the PM of his company’s plans in to create two “innovation centres,” in Shoreditch and at the Stratford Olympic Park.

Mr Cameron said Cisco’s commitment would help create a “leading Tech City” in East London, boosting new jobs and opportunities

“We want to bring together the energy and innovation of Shoreditch and the incredible potential of the Olympic Park to help make East London one of the world’s great technology centres,” he said.

In the last four years more than 100 start-up digital technology companies have opened around Old Street roundabout.