London Technology Week kicks off, sector to be worth £12bn by 2024

The .London domain on display in Trafalger Square

London’s technology sector will contribute £12bn to the UK economy by 2024 and be responsible for 46,000 new jobs, according to a new report to coincide with the launch of the first London Technology Week.

London Technology Week is an event designed to showcase the emerging tech boom in the capital, with 200 events scheduled and 30,000 people due to attend.

The events cover everything from big data innovations to how to source seed capital to get a tech idea off the ground, with firms including PwC and Skyscape sponsoring events taking place.

Furthermore research by Oxford Economics, commissioned by promotional group London & Partners, found London’s digital tech sector will grow at a rate of 5.1 percent a year, adding £12bn to the economy and creating 46,000 new jobs in the capital.

Mayor of London Boris Johnson said the week-long event was a key staging post in the growth of London’s tech scene, as it looks to rival other major cities and areas worldwide, led by San Francisco’s Silicon Valley.

“London’s first ever Technology Week will showcase London’s role as the digital capital of Europe, with a range of innovative businesses now calling the city their home, attracting both significant investment and some of the best and brightest talent on the planet,” he said.

“Throughout the week tens of thousands of the industry’s top tech professionals will flock here to share brilliant new ideas, build business relationships and help cement London’s position as a top global tech hub.”

Tech City chair Joanna Shields added her backing to the event as a great way to prove that efforts to promote tech in the capital were paying dividends.

“In recent years the tech sector has played a crucial role leading economic recovery, accounting for 27 percent of new job creation,” she said. “London is one of the fastest-growing tech hubs and is proving its credentials as the location of choice for entrepreneurs to start and scale a successful digital business.”

Recent efforts to continue the growth of London’s tech scene include the creation of a new space for travel and tourism startups to work on their ideas, and the launch of the .London domain to help firms promote their UK roots.

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16 June 2014 | 10:23 am – Source: v3.co.uk
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