Silicon Roundabout or Tech City or Old Street as it used to be called has been given a cash injection by the government, offering 10 tech companies £100,000 each if they impress with their pitches.

The cash bounty was announced today at the Digital Shoreditch Festival by David Bott, the Technology Strategy Board's director of Innovation Programmes.

Unique competition

"This unique competition is designed to promote the community dynamic within the Tech City area, encourage cooperation and grow business in the area," said Bott.

"We want to support this hotspot of digital and creative industries by enabling companies to go further and faster towards commercial success.

"We are looking for projects that may be too risky for companies to go for alone, or that may take them into new areas."

As part of Brit Week, 7digital CEO Ben Drury told TechRadar that he though the Silicon Roundabout was a good thing for the UK, saying: "It takes time for a community to build up but it is starting to happen. I am more positive now than any time before in London."

Via the Telegraph