Tech City has already been credited with helping the capital avoid the worst of the recession, and it's now getting £50 million to become a world class centre for technology, and the next generation of entrepreneurs.
Prime Minister David Cameron and Mayor Boris Johnson announced the investment today to transform Old Street roundabout in East London, into "Tech City". Paul Brand reports.
The Prime Minister has hailed the success of the capital's technology industry at the Urban Age Electric City Conference in Shoreditch.
He said: "Two years ago I set out my commitment to help Tech City become one of the world's great technology centres''
"Today we are seeing it continue to grow and go from strength to strength - and that is down to the talented, creative entrepreneurs who have set up there''
Mayor Boris Johnson said "The time is right to lay solid foundations in Tech City for London's digital revolution, and this list of major new firms committing to the area is a testament to the confidence leading tech entrepreneurs have in the capital''
"Our new centre will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs."
The Old Street roundabout is to be given a £50 million makeover to become a centre for technology start-ups and entrepreneurs. It will become Europe's largest civic indoor space, hosting classrooms and workshops equipped with the latest 3D printing technology.
Several large international firms have also announced new investments in the area, including Microsoft, IBM and KPMG.
Boris Johnson says ''our new centre will provide not only a vital resource to nurture upcoming technology and creative superstars from around the world, it will drive huge investment into the capital and help create thousands of jobs''
Digital Firm Editd is one company which says it can't get the right expertise - as the government promises to invest in London's 'Tech City'