Beverly Hills, CA -- (SBWIRE) -- 11/14/2013 -- Tech City, a government-backed body promoting London’s technology hub, is promoting British-based online businesses, in sectors such as property, fashion and leisure, in hopes of launching the next Twitter or Facebook.

Tech City has attracted more than 1,000 hopefuls from 77 countries with it’s Million Pound Start-Up competition put together by Digital Shoreditch, an event organizer.

Peter Tasca of Laureate Trust says, “There is substantial opportunity in the UK, the government has allowed companies with a float of 10% of equity to get listed and they have also launched a programme called Future Fifty, which the government will help expand overseas.”

Tech City needs headline-grabbing start-ups to produce a flotation worth billions of pounds in order to excite investors. One such company to come out of the UK is King, the maker of the billion dollar hit Candy Crush Saga which has filed for flotation.

Tasca says, “Tech City needs companies like King, they reinvest and become seed investors themselves.”

A study conducted by consultation firm Genome, London leads the pack of new European start-ups followed by Paris and Berlin for support and entrepreneurial mindset.

According to a research note from Laureate, Tech City has become cheap to create start-ups, primarily due to cloud computing, thus attracting Accelerators such as Google, Passion Capital, Seedcamp and Techstars.

London recently attracted Chinese mobile gaming giant Rekoo, who wants to market and develop games for European consumers.

Rekoo is one of China’s leading mobile game firms, with 500 employees and 20 million active daily users.

“As a leading light in China’s tech scene, Rekoo’s decision is another huge boost for the capital’s digital industries,” said the Mayor of London Boris Johnson. “Making the most of the great minds, talented workforce, and market opportunities within immediate access of our Tech City makes absolute sense which is why London is fast becoming the digital capital of the world.”

David Slater of London and Partners says, “This is a company (Rekoo) with 200 million users, when you’ve got a customer base like that, they can choose anywhere in the world to build their global business. They’ve chosen London, not only London but Tech City, which I think is a great vote of confidence for the Tech City initiative.”

Hussein Kanji of Horton Ventures says, “The ecosystem itself is still a start-up. And it takes time for it to grow.”

Patience is key but Tech City looks like it is ready to become the next Silicon Valley of Europe.

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