Croydon council has announced plans to boost the local economy by building a new tech business “incubator” and start-up space by early 2016.
The project, set to be occupy Davis House, will provide working spaces for start-up businesses whilst offering participants training courses and the chance to meet potential investors.
The 21,000 sq ft development will receive £2 million of funding from the Greater London Authority (GLA) and Croydon council.
According to Croydon Council the borough is London’s “fastest growing tech cluster” with the area home to 1500 technology, media and telecommunications businesses and 275 tech businesses located in the East Croydon and Old Town areas.
Councillor Toni Letts, cabinet member for economy and jobs said: “This unique project confirms Croydon’s position as London’s most significant new tech cluster, and will provide a world-class facility right at the centre of our regeneration programme.”
Sir Edward Lister, GLA chief of staff and Deputy Mayor for Planning said: “London Technology Week is proving without doubt that the city is the place to be for ground breaking tech innovation and this brand new space in Croydon will lead to the creation of more cutting-edge tech companies, more jobs and more economic prosperity.”
Croydon’s Tech City, a platform for new tech start-ups, has proven to be a roaring success in South London. Last year the Office for National Statistics said that Croydon’s tech start-up cluster achieved 23% growth between 2011 and 2013, higher than east London (17.1%) and the UK as a whole (11.3%) averages over this period.
Jonny Rose, founder of Croydon Tech City, said: “This workspace will be a welcome addition to Croydon Tech City’s burgeoning tech ecosystem and a boon for the hundreds of entrepreneurs, developers and creatives who live and work in the borough.”
Applications for start-ups to join the new tech hub are scheduled to open in November 2015.