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June 18 (Bloomberg) -- Gerard Grech, Chief Executive Officer of Tech City U.K., talks with Caroline Hyde about London’s push to embrace “the internet of things” by creating an environment that supports tech startups in the city. He speaks on Bloomberg Television’s “The Pulse.”

Mentor the internet of things?

How big of an opportunity is it for some of the started space tear?

It is a terrific opportunity.

London is known for a lot of development.

But there's also cambridge, which is close by, just a few miles away.

They're very well known for hardware, which is why we are launching the internet of things grant fund to sort of combine the expertise you get from cambridge and from london and the expertise around the internet of things.

You have expertise in hardware, middleware, and software and apply business intelligence in order to sort of korean a stack -- what i call the iot stack, the expertise you need to bring together opportunities for startups and later stage companies.

Digital meet the physical world.

Tell us how they can get the fund and what startups -- what it will do for startups, will they immediately be able to bring to market or is it more for councils and the government strategically looking at lighting and health care making a more efficient?

The internet of things is a transformative development.

It could be either a consumer application or a business enterprise application.

The point is, the opportunity around the internet of things, it crosses both those areas.

We are partnered with john lewis and unilever because we believe in some instances, some of the applications that may come through or some of the winners that may come through will need to access a route to market, access consumers.

Some of them will be consumer and some will be business enterprise applications that are much more about efficiency through sensors and data collection, to make better business decisions.

You're helping growth.

Tell us how important you think the technology sector is becoming for growth to the economy as a whole, to the united kingdom and indeed, the world.

There is clearly a boom going on not just in london, but across the u.k. i was in newcastle a few weeks ago, there is a lot of opportunity right now in the tech sector.

I think what is great about what is going on here in the u.k. is you're getting a lot of companies that are developing solutions to existing business protocols.

If you think what is great about london, you've got the strong financial sector for, but then you have this fusion going on between technology companies working with the financial city, banks, insurance companies and trying to figure out, what are the applications and solutions we develop to make our companies more efficient?

Which is why 2/3 of all tech investment in europe has been in the u.k. as i said, it is not just about london.

It is about hemorrhage celebrating -- it is about cambridge, gaming in newcastle, artificial intelligence in edinburgh, and robotics in bristol.

I mean, that is what is exciting.

I think there's a real momentum now in the position of the u.k. as a digital powerhouse in the world.

What's one thing are you hearing from the startups that they need to just carry on the sort of powerhouse that is developing as you say?

With anything, i think talent, having a pipeline of talent is essential.

Which is why one of the roles we play is forming senior policy makers in about the challenges and the needs of this entrepreneurship in the u.k. one result of the work we have been doing i actually hearing these challenges is the introduction of the exceptional talent visa.

We are working with the home office in endorsing visas for helping later stage high-growth companies attract the talent they need in order to continue to grow.

And sometimes you need to look beyond the borders of the eu of brazil and russia and the united states, singapore.

I think that is one result where we basically right intersection between the private and tech sectors in the government in order to address specific issues.

But that is deftly one of the things we have seen essential to the continuation of this momentum in growth.

It is been wonderful speaking to us.

-- it is been wonderful speaking to.

Back to you in the studio.

We will be talking much more about robotics.

Apparently, good in bristol but also some universities in london.

We will be live with them tomorrow.

Thank you so much, caroline hyde, there were the ceo of tech city.

We will be back in two minutes.


This text has been automatically generated. It may not be 100% accurate.


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