This number of workforce was growing more than double from 1997 to 2010 compared to the 44% total digital economy job growth elsewhere in the city. It is estimated that there are almost fifty thousand workforces in the cluster with majority of them are in ICT and Digital Content jobs (Nathan & Vandore, 2014). Composition of startups in Silicon Roundabout cluster (Nathan, et al., 2012) This is due to the nature of digital firms which leverage the internet to deliver their services. Despite of this demography, almost a third of the startups in Silicon Roundabout operate in a global scale. Based on the report by Centre of London, 62 percent of the companies were less than five years old while 59 percent of them have less than 10 employees (Nathan, et al., 2012).
Majority of firms in the Silicon Roundabout are small startups working in creative and technology sector. The internet giant is one of several big companies which established themselves in the cluster to setup partnership, foster innovation or maybe acquire some of them (BBC, 2011).
Google Campus London, seven stories tech incubator and co-working space also located in this area. Most of the tech companies are concentrated in the district surrounding Old Street roundabout hence the origin of the colloquial cluster name. The cluster is the home of nearly 3000 startups in IT, digital media, and mobile application business including some of the big names such as Uber, Google, and LastFM. Located in Hoxton and Shoreditch area, Silicon Roundabout is tech cluster in the middle of east London area. In the later part of the essay, challenges facing the cluster will be explained and then closed by essay conclusion. After that the evolution of cluster will be described followed by discussion on the cluster policy impact. Short overview on the cluster will be discussed first as the starting point. This essay will discuss the development of Silicon Roundabout cluster and how public policy have impact on that process.
The cluster is the home of more than 3000 digital media and internet companies, most of them are newly-established and small-sized. Majority of UK digital economy activities is concentrated in London, specifically in the area called Silicon Roundabout. In 2015, this sector contributed 97 billion pounds and provide more job growth than any other sector in the country (Tech City, 2017). Digital economy is currently huge economy contributor for United Kingdom.
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