Saturday, 09 Jul 2011
The Duke and Duchess of Cambridge getting a demonstration of new technologies.
PN96/2011
Published: Saturday 9 July, 2011
Technology demonstration underlines importance of Tech City to Duke and Duchess of Cambridge
On the first day of their visit to America TRH were enthralled by a lively and high powered panel debate on the future of Tech City - a cluster of technology, digital and creative companies based in the east of London, and the fastest growing tech hub in Europe.
The Royal couple were attending a debate in Los Angeles on the future of Tech City at a New Media and Venture Capital Conference, organised by UK Trade and Investment (UKTI) and Variety. The wide-ranging debate heard how several high-tech companies have set up in Tech City, with the help of UKTI and how their success is built on the close commercial relationship between the US and Britain.
The audience was equally enthralled by the presence of the Royal Couple, who listened attentively to the debate and met participants.
The Duke and Duchess were particularly pleased to learn that OpenX Technologies, Inc. announced that it was expanding into the European, Middle Eastern and African markets and that it is looking to base that expansion in the UK. This underlines the attractiveness of the UK, particularly for organisations looking to set up their European headquarters for expansion into the lucrative markets in Europe and elsewhere.
Susan Haird, the acting CEO of UK Trade & investment said:
“The Royal couple clearly found the debate and the practical demonstrations very interesting. I am extremely pleased that, during their visit to America, they took the time to help promote the UK as a destination for US companies and venture capitalists and, more specifically, to help highlight Tech City as an ideal location for creative, digital and technological companies.”
The panel consisted of:
Chad Troutwine (Chair), Co-Founder of Veritas Prep and Producer of Freakonomics
Tim Cadogan, CEO OpenX,
Ankur Shah, Co-Founder & Co-CEO Techlightenment
Dominic Wheatley, Co-Founder & Chairman, SocialGo
Shawn Colo, Co-Founder & Head of M&A, Demand Media
Andrew Lewis, Consul and Head of UK Trade & Investment in Los Angeles
In the US, UK Trade & Investment has offices in Los Angeles, San Francisco, Houston, Miami, Washington DC, New York, Boston and Chicago.
The technology demonstrations were provided by:
Crimson Hexagon: Showed an example of its social media analysis—social media coverage of the Royal Couple’s just-finished tour of Canada, how it was covered, and how overwhelming positive it was.
Hewlett Packard: Demonstrated its new Tablet computer that was launched on 1 July—HP has donated two of them to the Inner City Arts school in Los Angeles on behalf of the Duke and Duchess of Cambridge that they will be visiting on Sunday.
Qualcomm: Demonstrated its Augmented Reality, designed for gaming, education, and marketing activities—a digital image shown as reality. The Royal Couple saw a basketball ticket, and when a camera was put over it, they could play a basketball game in 3-D.
Randian: Demonstrated a V-Commerce (video commerce) prototype—a programme that allows TV viewers to purchase items shown on the screen, simply by clicking on them and adding them to a shopping cart.
Tech City is a cluster of tech, digital and creative companies based around Shoreditch and the Old Street area of East London. UKTI is determined to ensure that it becomes the digital capital of Europe.
UK and US trading relationship – key facts
British companies investing in the US support nearly one million American jobs with an average salary of more than $70,000 (high-value jobs).
Every day, a million people in the UK go to work for US firms. And a million Americans are employed across the Atlantic by British companies.
The US is the single largest export customer for British goods and British services, and is the largest source of foreign direct investment.
We are each other’s top investors and have a huge trading partnership.
UK Trade & Investment is working tirelessly with US companies to promote British exports and to attract inward investment.
In 2009/10, for example, UKTI played a significant role in helping US companies create 31,500 new jobs in the UK.
More than a quarter of the new investment projects in the UK in 2009/10 were from the US – 484 out of 1,619, creating 31,500 new jobs in sectors diverse as life sciences, the creative industries, ICT and professional services (more than the next five largest investors put together – Japan, France, India, Germany and China).
In 2010 the UK attracted 1,619 foreign direct investment projects with the most projects – 484 – coming from the US.
California and UK trade – key facts
The UK is California’s second largest export market in Europe.
2.9 per cent of California’s exports go to the UK.
California’s top export, accounting for $1.3 billion of revenue, is computing and electronics.
UK companies are the second largest employer in California.
The UK is the second largest overseas investor in California.
Media contact
For more information contact Clive Bull in the UKTI Press Office: +44 7990 650 901 (cell while in LA), or Robin Newmann +1 415 617 1340 (robin.newmann@fco.gov.uk).
For general information on the Royal Visit, call Katharine Keith, Communications Officer at the UK Consulate-General in Los Angeles: + 1 310 996-3028 (email katharine.keith@fco.gov.uk).
Notes to editors
UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)20 7215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media. You can also keep in touch with developments at UKTI through www.blog.ukti.gov.uk, www.twitter.com/ukti and www.flickr.com/photos/tags/ukti.
Demand Media: This is an award-winning publically traded digital publishing business. It has its headquarters in Santa Monica and it has its UK office in Tech City. Shawn Colo has led over 30 acquisitions of websites and technology companies in addition to completing over $450 million worth of equity and debt financings for Demand.
OpenX: Open X is one of the world’s leading independent providers of digital advertising technology. Its technology enables businesses to manage and maximize their ad revenue.
Socialgo: This company started life in Tech City and its technology allows anyone to build a social network. Dominic Wheatley has huge industry experience working with content developers. He produced the Lara Croft video game with Eidos in the 1990s.
Techlightenment: The company specialises in social media technology around social advertising, branding and experience optimisation.