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March 30, 2012

Google Invades London: Launches Startup Center in 'Tech City'

By Joe Eitel, TMCnet Contributing Writer

Tech entrepreneurs welcomed Google (News - Alert) to London’s east side, an area known as Tech City, with the launch of a startup center. The purpose of the new tech center is to provide a productive space for tech startups and entrepreneurs.



The new Google startup center is the largest of its kind in all of Europe, according Bloomberg (News - Alert) and the Washington Post. The UK tech sector is growing faster than major markets in the US, Germany and France, making the new tech hub in London the perfect location for Google.

George Osborne, UK Chancellor, stated “We want the UK to become the hub for technology in Europe as a whole. The Tech City area already has 700 tech companies, up from 200 just two years earlier. Major companies have already invested in this area of London, including Amazon.com (News - Alert), Cisco and Intel.

Matt Brittin, VP of Google Europe, points out “The UK Internet economy is bigger than any other company in terms of share of GDP.” This equates to eight percent of total GDP, and also represents faster growth than any other country in the world.

Not everyone thinks the new Google tech hub is a good idea. Richard Edwards, of OVUM, told Bloomberg “You can share an idea that can be the foundation of a great business, but if somebody gets to market before you do, then you’ve lost out on an opportunity”. He adds, “People still have to play their cards to their chest a little bit.”

The Telegraph reports the new Google startup hub is located on Bonhill Street and will house 100 budding businesses and entrepreneurs. There were a total of 800 young companies that applied for space in the building. The seven-story building is on lease by Google for the next 10 years.






Edited by Jennifer Russell
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