The dominance of Cambridge when it comes to the UK’s technological future seems even more certain as The Guardian revealed that a competition to find promising London based start-ups has failed due to a lack of quality entrants.
The £1m scheme, backed by London Mayor Boris Johnson and the Tech City Investment Organisation was abandoned, as none of the entrants were deemed ambitious enough.
Boris Johnson had described the competition as, “a new, groundbreaking global competition to bring a new high-growth technology company to London.”
The winners were to be given a £1m investment, legal consultation worth £10,000 and £20,000 worth of public relations services, on the premise that they would keep the business in the capital.
The competition was looking for a start-up with ambitions to become a £100m company, to whom a £1m boost would be an invaluable tool to help reach that goal.
However, despite the competition uncovering some “amazing companies” no single competitor was deemed worthy of the £1m investment prize.
A spokesperson for the equity crowd-funding platform Seedrs claimed that it was, “difficult to find companies that had the right level of ambition and could stand a valuation of £2m -£10m.”
In another blow to the capital’s image of being a technological hot bed, it has been revealed that the Digital Shoreditch Festival 2014 has been cancelled. The event, which has been running since 2011, has been cancelled due to lack of resources, despite year on year growth in the number of attendees.
Despite the government’s considerable investment to make London a thriving base for technology companies, it is believed that high rents and government approved construction projects were forcing them to locate further afield.