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Silicon Roundabout £50m THING to spew 200 startups A YEAR

The Register - Prime Minister David Cameron and Mayor of London Boris Johnson have unveiled plans to establish a £50 million "technical and creative institute" around the area dubbed the Silicon Roundabout at Old Street in London.

The plans, set out at a conference organised by LSE Cities, propose an architecture-designed scheme housing 200 startup companies a year, and hosting two annual conferences for companies from the technology sector and creative industries. Potential locations for the institute are being assessed in a feasibility study which will be completed in the New Year.

The Greater London Authority will have responsibility for delivering the project, which has already been backed by several companies including KPMG, IBM and Microsoft.