Government doubles matched-funding to £2m for early stage Silicon Roundabout startups
Back in April the UK's Technology Strategy Board unveiled a new £1m fund to support "digital businesses" in the Tech City area around Old Street and Shoreditch in east London, which has come to be known as 'Silicon Roundabout'). It was an unusual move. Startups anywhere in the UK are always interested in sources of funding - but here was one source actually geographically targeted at one area of London, and one where there has been existing organic growth of the tech community for the last few years. In other words, the TSB had managed to convince their overlords that the government should 'double-down' on the existing tech cluster there. This is highly unusual, and frankly to be welcomed. Often government initiatives are targeted in totally the wrong places. Applicants can get up to £100,000 in match funding, with the other half coming from a private inestor(s). So, get the private investment first, and then double it with government cash, if selected. Win. (Here's more detail). Today they've decided to add another £1m to the pot, enabling the project to provide £100,000 grants to twice as many companies, or 20 instead of the original 10.