Look out Silicon Roundabout, there's another tech hub out for the crown.
Silverstone, the home of British motor racing, has been flooded recently with a raft of high-tech engineering businesses – and is now being branded as the Silverstone Technology Cluster.
Property investment and development business MEPC – which is behind the development of Silverstone Park – has identified over 4,000 engineering small and mid-sized businesses (SMEs) near to Silverstone.
The firms specialise in areas ranging from aeronautics, automotive, medical industries, green energy, marine, defence, electronics and sensors, as well as, of course, motorsports.
The findings were released in a report commissioned by MEPC and carried out by economic consultancy SQW. The report is part of MEPC's plans to match investors with engineering firms in the area.
Roz Bird, commercial director at Silverstone Park for MEPC, said:
The potential of the Silverstone Technology Cluster is limitless. Having taken over management of Silverstone Park in 2013, we noticed this untapped market almost immediately and have been working with our partners to develop it.
The government has vowed to support the engineering industry over coming years, though there have recently been warnings the government could be off course on its targets.
It has also clashed with industry groups over plans to reform training for young people.
Sajid Javid, secretary of state for business, innovation and skills, said:
Britain has a proud history as a hotbed of innovation and technological changes have the real potential to revolutionise our lives. For example, data analytics used in motorsport is now driving innovation in hospitals and health care.
The Silverstone Technology Cluster is at the forefront of global technological innovation, skilled at solving engineering problems and delivering solutions. It is an exemplary haven and one where young engineers can get the training they need to become the best in the world.
The report also involved experts from Hermes Investment Management, PwC and Barclays.
Chris Taylor, head of private markets at Hermes Investment Management, said:
Global capital increasingly gravitates to best talent and we believe the Silverstone Technology Cluster plays to this theme, along with longer term trends associated with technology and globalisation. As a long term, responsible investor the opportunity exists to create a globally leading high performance technology centre at the heart of a rapidly expanding cluster.