Old Street & Silicon Roundabout: Inside London's Original Tech Hub

Old Street roundabout is not much to look at. For years it was a noisy traffic gyratory with a dated Tube station underneath. Yet this junction on the edge of Shoreditch gave its name to London’s first recognisable tech cluster, and it still shapes how people talk about the London tech scene today.

How Old Street got the name Silicon Roundabout

The nickname started as a joke. In 2008, a developer working nearby tweeted about the growing number of web startups around the roundabout and called it Silicon Roundabout. The name stuck because it described something real: a cluster of small companies, many building early social and web products, that had found cheap space within walking distance of each other.

At the time there were perhaps a few dozen startups in the immediate area. What mattered was density. Founders could share developers, borrow desks, swap advice and meet investors without leaving the neighbourhood.

Tech City and the government push

In November 2010 the government announced Tech City, an initiative to grow the East London cluster into a global hub. It led to a promotion body, Tech City UK, which later became Tech Nation and ran national growth programmes and visa endorsements for tech talent.

Critics said the branding came after the hard work had already been done by founders. Supporters argued that the attention helped attract international investors and big companies. Both have a point. Either way, the Old Street tech hub went from local curiosity to a fixture of every “global tech cities” report.

What changed after the boom years

Success brought problems. Rents rose sharply, and many of the scrappy companies that made the area famous either grew out of it or were priced out. Some moved to Hackney, Stratford or King’s Cross. Bigger tech firms and agencies took their place.

The roundabout itself was rebuilt too. A long-running redevelopment removed the old gyratory, opened up public space and created new station entrances, making the area easier to walk around.

The scene today

Old Street is less of a garage-startup neighbourhood than it was in 2010, but it remains one of the busiest parts of the London tech scene. You’ll find:

• A high density of early-stage and seed-funded startups
• Venture firms, agencies and service providers that support them
• Coworking spaces ranging from large operators to independent floors
• A steady calendar of meetups, demo days and founder events

Is Old Street still worth it for startups?

If your priority is community, the answer is usually yes. Being near other founders and investors speeds things up, especially in your first year. If you need lots of space, specialist labs or close links with a university, other areas may suit you better. King’s Cross has the AI and research edge, Canary Wharf has the banks, and Stratford has room to build.

The East London tech hub guide covers Old Street’s neighbours in more detail, while our comparison of the tech hubs of London helps you weigh costs and culture.

Lessons from Silicon Roundabout

The area’s story offers useful lessons for other cities. Clusters usually start with cheap space and a few pioneers, not with government plans. Branding can amplify momentum but rarely creates it. And success brings rising costs that push the next generation of startups somewhere new.

Visiting Silicon Roundabout

There’s no visitor centre, so the best way to experience the area is to walk it. Start at Old Street station, head down towards Shoreditch High Street, and drop into a coworking café or a public meetup. If you’re planning a longer trip, our three-day London tech tour includes Old Street on day one.

Silicon Roundabout may no longer be the whole story of London tech, but it is where the story started. Head back to the London Tech Hub homepage to explore the rest of the map.