Euclid Opportunities supports the Technology Strategy Board’s Tech City Launchpad initiative

10 August 2011

Euclid Opportunities, ICAP’s early stage financial technology project, today announced its support for the Tech City Launchpad initiative. The Tech City Launchpad is an initiative of the UK government’s Technology Strategy Board. Focused initially on companies in the Tech City area of East London, the Launchpad competition aims to stimulate this hotspot of digital, creative and high-tech industries by providing grants to a selected group of companies to develop innovative products.

The Tech City Launchpad competition was launched in April 2011 by Universities and Science Minister David Willetts, £1 million of Technology Strategy Board funding was made available and ten project applications were to be offered up to £100,000 each.  Due to the very high number of top-quality proposals submitted, the Technology Strategy Board decided to increase the amount of funding available to £2 million, enabling it to provide support to twice as many applicants.

Steve Gibson, Managing Director of Euclid Opportunities said, “We are delighted to support this initiative. Tech City Launchpad is shaping up to be a great success with over 200 companies submitting a wide range of high quality and innovative ideas. This clearly illustrates the potential and ambition of young entrepreneurs in the area. We look forward to the forthcoming Tech City Workshop event and to continuing our support of the Tech City initiative.”

Nick Appleyard, Head of Digital at Technology Strategy Board said, “This initiative has helped to showcase the talent and creativity of the cluster of innovative digital businesses in the Tech City area of London. We are delighted to be able to offer public co-funding to many of the companies who submitted great proposals, though many of the proposals we can’t support are also highly investable projects and we hope they will secure the private funding they deserve.”

Mark Beeston, CEO, Portfolio Risk Services at ICAP, said “The Tech City initiative mirrors our view that the ingenuity and talent which exists in many start-up enterprises can be nurtured and supported to become tomorrow’s leading enterprises. "

For further information please visit www.euclidopportunities.com

Contacts:
Alexandra Umpleby                    Head of Media Relations ICAP     +44 (0)20 7050 7104
Candice Adam                            Argentus PR                                     +44 (0)20 7397 2915
Technology Strategy Board      enquiries@tsb.gov.uk                    +44 (0)17 9344 2700

About The Technology Strategy Board
The Technology Strategy Board is a business-led government body, which works to create economic growth by ensuring that the UK is a global leader in innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. See www.innovateuk.org

About Euclid Opportunities
Euclid Opportunities offers a seed funding and acceleration program to early-stage companies that provide innovative technology in the areas of post-trade risk management, data and other financial market applications. Euclid Opportunities is majority owned by ICAP plc, the world's premier voice and electronic interdealer broker and provider of post trade risk and information services. See www.euclidopportunities.com 

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