The Government is to begin a search for brands and companies to sponsor a Tech City Hub which is being built as part of the redevelopment of Old Street roundabout in London.
The redevelopment of ‘Silicon Roundabout’ is at the heart of the government’s bid to develop ‘Tech City’ to become a world-leader in the industry.
The prime minister announced in December that the government was set to invest £50m to regenerate the roundabout, but The Drum has learned that it will seek further revenue from brand sponsorship to fund the project.
It is understood that the team to lead the sponsorship discussions has only recently begun to be assembled and that engagement with sponsors has yet to begin.
“We have just begun an engagement process which will run until the end of July 2013,” a spokesperson for the project confirmed to The Drum. “We're speaking with representatives from the tech, digital and creative communities, wider business community, educational establishments and local residents, the output being a detailed brief for the Institute's purpose and functions/activities.”
They added that the likely timescale to begin engaging with sponsors would be after the summer.
Last week, deputy CEO of Tech City Benjamin Southworth told The Drum that a report claiming there was a skills shortage and lack of government support in the tech industry in London was "only part of the picture".