Technology, Cleantech and Life Sciences Innovation in London
London is an international hub for various innovation sectors, including technology, clean technology and life sciences. Innovation sectors are creating new business and economic opportunities throughout the city and surrounding area. The capital's economy continues to support the growth of innovative companies that are leading the development of new products and services that are finding markets around the world. London provides strong growth, performance and investment in technology, clean technology and life sciences sectors. Not only is it home to clusters of businesses in these sectors, the city's culture of events, conferences, awards schemes and other supports are also helping grow and expand these sectors.
London's Technology & Clean Technology Sectors
One of the city's fastest growing sectors, the technology sector alone will create 46,000 jobs by 2024, according to Oxford Economics. At the heart of London's technology sector is Tech City. Launched in 2010, Tech City supports the growth of London's technology sector and is anchored in East London's Shoreditch area. The technology cluster is supported by the UK and local governments, and has spurred major investments by Cisco, Facebook, Google, Intel, and others. Imperial College London, Loughborough University and University College London are also leading research and development centres that are contributing to the growth of London's tech sector, as well as other innovation sectors.
According to the Tech City Investment Organisation, over a quarter of the job growth in London comes from the technology and digital sector. Top tech firms have major operations in London, including Microsoft, Apple, Cisco Systems, Facebook, Groupon, Nokia, Qualacomm, Google and others. Rivalling California's Silicon Valley, London's Silicon Roundabout in Shoreditch is also home to many of the UK's tech start-ups with thousands of new businesses emerging from the area in recent years. Each year the capital also hosts London Technology Week, a collection of events that bring together approximately 30,000 entrepreneurs and investors each year. London's clean technology sector is also seeing significant growth and potential. Launched during the 2012 Olympics, the London Ceantech Cluster is providing a new and exciting platform for the city's clean technology businesses and sustainability initiatives. Looking to join the London tech boom? Click here to find office space in and around Shoreditch.
London's Life Sciences Sector
The life sciences sector in London is seeing a boost with an investment of £1.1 billion in Med City. A partnership between the Mayor of London and London's academic health science centres (Imperial College Academic Health Science Centre, King's Health Partners and UCLPartners), Med City will nurture a golden triangle of research focused on London, Oxford and Cambridge. Building on the success of Tech City, Med City will put the capital at the forefront of medical research in Europe. Over the next 20 years, MedCity will help position London and the South East of England as a leading, interconnected region for research, development, manufacturing and commercialisation in the life sciences sector.
According to the Bioscience and Health Technology Database: Annual Report 2013 by Department for Business, Innovation & Skills, there are about 350 life sciences companies in London that represent seven per cent of the UK total. Many of these companies are in the pharmaceutical sector, which employs about 60 per cent of the sector's workforce. Nearly 14,000 people are employed in London's life science industry. Although there are only five industrial biotechnology companies in London, they are responsible for 14 per cent of the sector's workforce in the UK.
The Future of London's Innovation Sectors
London's technology, cleantech and life sciences sectors are leading to increased innovation, productivity and collaboration. The capital's innovation sectors are attracting investment, skills and companies that are developing cutting edge products and services. London also supports these sectors with a range of networks, events and other knowledge transfer activities, as well as research programmes, financing opportunities, business development support services, and international market access.