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New innovation centre in Tech City will benefit MSc Technology Entrepreneurship students
11 December 2012
The Prime Minister David Cameron recently announced IDEALondon in London’s Tech City, an innovation ‘hot-house’ established by UCL Enterprise and partners Cisco and DC Thomson as the Innovation and Digital Enterprise Alliance (IDEA).
IDEALondon aims to support the growth of digital and media companies, in particular the most promising start-ups which have come to characterise the area known as Tech City. It is anticipated the facility will host around 25 digital and media companies which, it is hoped, will collectively employ around 100 people in TechCity, in addition to staff working in other locations across the country.
This key development is obviously a further benefit of studying in London for current and new students on our MSc Technology Entrepreneurship course.
The facility – a unique alliance between a world-leading research institution, a world-class information technology provider and an international media company – delivers on the partners’ commitments to support Tech City. It represents over £3.5m of investment by the three partners over the first three years of operation, with additional investment in individual businesses.
Unlike typical business incubators and accelerators, IDEALondon will support companies who will be championed by one of the key partners. IDEA will develop services to support and grow start-ups in the digital and media sectors which are clustered in the Shoreditch area, with each partner bringing their own strengths, existing relationships and expertise to the project.
IDEALondon will offer access to consultancy and mentoring programmes, as well as other opportunities for training and business support including through UCL’s centre for entrepreneurship, UCL Advances. In addition, UCL researchers will work from IDEAL, drawing on UCL’s existing world-leading research excellence to develop innovative new digital products and services.
In addition, IDEALondon will host the UCL DECIDE project, in collaboration with UCL, DC Thomson and the BBC in what is intended to be the world’s largest ‘living lab’ for digital and media projects and which will see the university utilise its staff and student body of 30,000 as a closed community for testing and evaluating digital products in pre-commercial development.
Speaking in advance of the announcement, David Cameron said:
"The presence of a globally renowned research university, together with a technology giant and a leading global publishing firm will further boost Tech City and will help us compete and thrive in the global race."