Virgin Media Business has announced new plans to create fibre optic speeds in a new start-up hotspot in East London named 'Tech City', where several small technology business are set-up.
The current internet situation is lacklustre in the region, making it hard for businesses to reliably work on the internet.
Virgin Media Business will not only bring speeds up to six times the current standard, but it is looking to make prices even lower for small businesses below 249 workers.
The proposed plans should be available to 2,000 businesses, and Virgin Media has the ability to hit up to 6,000 businesses with the new fibre optic speeds. It will work with landlords and the local council for a speedy deployment.
Qualified businesses will be able to join the Government’s SuperConnected Cities scheme, which has been extended to March 2016, enabling them to gain more money back on their investment.
Ed Vaizey, Digital Economy Minister, said: "The Government's Connection Vouchers have already provided thousands of businesses across the UK with a faster and more reliable internet connection.
“Virgin Media Business's new offer to Tech City businesses is a brilliant example of the many innovative products available to SMEs (small-to-medium sized businesses) and will play an important role in removing barriers to better connectivity."
The rampant growth of 'Tech City' has brought many startups to the UK, instead of heading to Silicon Valley in the U.S. or other tech hotspots in Europe and Asia. The UK needs these small businesses to keep its economy growing and several commentators have praised Virgin Media's move.
Kit Malthouse, Deputy Mayor of London for Business and Enterprise, said: “Fast broadband connections are vitally important for small businesses – for many it is just as crucial as gas, electricity and water.
"Initiatives such as this will help our thriving tech community to stay ahead of the game and continue to play a key role in London’s economic success."