Leeds is situated in the north of England and falls under the British government initiative known as TechNorth. This initiative focuses on the development of the city as part of the new technology hub for the northern region.
The objective behind the initiative is to ensure that Leeds becomes one of the significant cities on the international map that incorporate ICT as part and parcel of the economic, political and social aspects of the area. This is based on the fact that Leeds has some great technology business ongoing like digital media firms and a host of games to choose from in the field.
The City of Leeds is poised to fall under a government sponsored initiative known as TechNorth that will attract investors while encouraging the existing businesses to share ideas and pool resources. A clear immediate example of this growth is the increase seen in the number of venue hire businesses cropping up in the Leeds city center.
Consequently, multinationals will be given the opportunity to invest in Leeds. The city is favored by its geographical location and features a well developed transport system and infrastructure making it easily accessible.
The focus on Leeds and the rest of the northern region is because of the constant lobbying of cities outside London that want their fair share of funding for economic growth and development from the UK government. This will bring parity in terms of economic growth to cities like Leeds. Stakeholders argue that there has been enough focus on London as witnessed by its hosting of the Olympic Games.
The UK government justifies the TechNorth initiative by the success seen with London and its environs. Conversely, the Tech City initiative has faced a number of challenges and the UK government has seen an opportunity in investing in cities like Leeds in order to speed up the development of the Silicon Valley program in the northern region.
Leeds is also favored by the fact that cluster policies employed by the government are gaining in popularity as they are more cost-effective especially under the current trend of economic austerity measures.
As attention shifts to Leeds and its neighboring cities there is an increasing willingness of Venture capital to shift to the North. There may be challenges with access to capital and availability of skilled labor but these issues will be addressed. The best is yet to come for Leeds and the other cities in the northern hub thanks to the TechNorth initiative and the input of the local population.