Top manager leaves Facebook to create a startup hub in London

Facebook’s vice president Joanna Shields quits the company having decided to devote all her efforts to the development of London as an analog of Silicon Valley, making the capital of Britain the most attractive in the world for technology startups.

Joanna will head so-called Tech City. In Facebook she held the post of managing director for Europe, Middle East and Africa, as well as the Facebook vice-president.

We have the infrastructure, technology and talent, now we are to accelerate our growth – Ms. Shields says. – If we add momentum to Tech City, then there's no reason for us not to make London the number one place for technology companies. She will assume the office in January next year.

The creation of Tech City was spoken about in 2010. The project investors now include Cisco, Facebook, Google, Intel, McKinsey, Vodafone and more than 200 technology companies. The hub’s academic partners are Imperial College London, Loughborough University and University College London.

Meanwhile, the London project has several shortcomings, in particular, the noted expensiveness of tehnohub’s accommodation inside the city and at the same time its remoteness from Heathrow Airport situated in the capital's western part. Critics called the site a marketing trick, pointed out the emphasis on attracting international players, leading to rent increase instead of supporting the British start-ups or equipment manufacturers.