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"Editor's note:\u00A0Craig Le Grice is a member of BIMA's Executive Committee, and Chair of the organisation's Silicon Roundabout group, he is an industry advocate for entrepreneurship and next generation talent. Follow him on Twitter: @craiglegrice.\r\n\r\nSilicon Roundabout, Tech City, Old Street Roundabout \u2013 whatever you call it, the still-gritty area of East London has been getting a lot of attention recently. Cited as the UK\u2019s answer to Silicon Valley in California, it\u2019s bustling with technology startups and attracting a lot of focus from both in and out of the UK. Indeed, the Government invested \u00A350m earlier this year to continue developing the area\u2019s prominence as David Cameron attempts to make the area globally renowned for digital innovation.\r\n\r\nBut the area has its critics too. Despite there being more than 600 companies based there (according to Government funded TCIO), most of the products, tools and services that make it to consumer, critic and investor acclaim still come from the San Francisco Bay Area \u2013 Silicon Valley.\r\n\r\nFor me, Silicon Roundabout has five major areas of development to continue trying to crack in order to match its West Coast USA rival:\r\n\r\n\tInvestors\r\n\tInfrastructure\r\n\tCommunity\r\n\tTalent\r\n\tIdentity\r\n\r\nInvestors\r\nIt takes much more than just money to build a centre of excellence, but it\u2019s a vital place to start. Silicon Roundabout has attracted many great venture capital firms, private equity experts and dedicated banks (with the likes of Silicon Valley Bank arriving in 2012). But it needs more. Major funders have to properly understand the sector, and start investing. The UK, as a whole, still lags behind its US friends when it comes to funding startups.\r\n\r\nOur government has injected millions of dollars into the technology sector but the majority has reached the large, established firms \u2013 often structured as tax breaks rather than the physical cash required for growth.\r\n\r\nPrivate investment is there. But much of it is spectrumised \u2013 designed to support very small companies at seed stage (with deals at the sub \u00A3250k level) or large established businesses exiting the startup stage, if not yet fully mature. The mid-level space \u2013 where companies raise the money that catalyses real \u2018growth\u2019 \u2013 A rounds and B rounds \u2013 is still vastly under catered for when we compare Silicon Roundabout to Silicon Valley.\r\n\r\nIt\u2019s this acceleration stage that creates the early success stories associated with the startups emerging from California that we read about.\r\nInfrastructure\r\nEvery company needs infrastructure, but startups especially so. One element of Silicon Valley that delivers a specific and unique DNA is its migratory effect. It\u2019s exceptionally easy to bring people to the area \u2013 with hundreds of companies moving from other parts of the US to call it home each year.\r\n\r\nSilicon Roundabout is still a cool part of East London. It now needs to connect in a deeper and broader way to the rest of London and other technology pockets of the UK such as Manchester, Croydon, Newcastle, Edinburgh etc.\r\n\r\nLogistically, compare getting from Palo Alto to SFO international airport to the journey from Old Street to LHR. Much has to be done in this space \u2013 including better linkage to London City airport \u2013 to connect non-UK people and companies to the area efficiently.\r\nCommunity\r\nTech startups are unlike most other companies, in most ways. As such, people working in technology need to be surrounded by peers and a real community of equals, experts and comparative disciplines.\r\n\r\nIt is imperative that we continue to support the communities and sub-communities (like Silicon Drinkabout, TechMeetups, TechHub, Google Campus etc.) around Silicon Roundabout that foster and nurture relationships, building a united ecosystem. Support for these must come from individuals, corporates and government bodies equally.\r\nTalent\r\nOne of the most frequent grumbles from within the technology community is the scarcity of great talent. And, while the UK is catching up with the US, it\u2019s still a real issue. Great events like Silicon Milkroundabout\u00A0have made headway in attracting talent to the industry but collaborative efforts from education, government and industry alike is now needed to find, shape and embrace future talent.\r\n\r\nWe have more than just the movie \u2018The Social Network\u2019 to remind us that platforms of tomorrow are potentially being created in student dorms today.\r\nIdentity\r\nI started this piece by using several terms for the same area. To replicate the \u2018brand\u2019 value of Silicon Valley, we will have to adopt one and stick with it. Whether we call it Silicon Roundabout, Tech City or Old Street Roundabout, creating a consistent destination brand is crucial. Silicon Valley, Hollywood, Canary Wharf, Brooklyn DUMBO etc\u2026 They\u2019re all renowned spaces for their specialist skill sets.\r\n\r\nWe have the opportunity to build a world-class centre for digital technology. Showcasing the best of British, developing global products of tomorrow and introducing \u2018new news\u2019 to the world.\r\n\r\nLet\u2019s put London (and the UK) firmly on the map.\r\n\r\nLet\u2019s build a sustainable startup scene.\r\n\r\nLet\u2019s forget about trying to be \u2018as good\u2019 as Silicon Valley \u2013 and just do it.\r\n\r\nImage credit: Getty Images"^^<http://www.w3.org/2001/XMLSchema#string>
<http://thenextweb.com/insider/2013/05/18/5-things-the-uks-silicon-roundabout-needs-to-do-to-take-on-silicon-valley/>