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How creative entrepreneurs and tech companies shaped Shoreditch?
At present, the East London district of Shoreditch is booming. Its streets teem with art galleries, technology incubators, indie shops, among other trendy places. What a dream for contemporary enthusiasts and urban lovers? But it wasn't always this way. Back in the 80s, Shoreditch was a rundown district, there was nothing apart from warehouses and desolation.
How creative entrepreneurs and tech companies shaped Shoreditch?
It all started with young artists. They found out about this rough area some thirty years ago. Despite frequent robberies and poor infrastructure, this neighborhood was much affordable and open to art experiments. It was a great place to set up art studios. Then, in 1993, a young gallerist, Joshua Compston staged his “inaugural Fete Worse Than Death”, which resulted in a catalytic event for the artists’ community and the transformation of Shoreditch. At the first of these street parties, Damien Hirst, now a world-famous artist and millionaire, dressed up as a clown and charged participants £1 to make a spin painting and 50p to take a look at his penis, which had been painted fluorescent pink for the occasion.
More and more creators saw the potential in Shoreditch. And as they’re getting known, many of them became creative entrepreneurs. Art galleries established in Shoreditch made it possible for the YBA to find admirers and to sell their first paintings. As for music production, recording studios flourished as well. For instance, Strongroom Studios has hosted artists from Nick Cave to The Prodigy. Eventually, Strongroom has grown into a world-class recording complex. Fashion designers also moved in...
Diversity and cultural vibrancy in the district triggered an entrepreneurial renaissance. Developers and architects were given the go-ahead to convert old warehouses and lofts into office spaces, apartments, and restaurants. Subsequently, the new economy emerged with the Internet. In the 2000s, tech people appreciated the atmosphere in Shoreditch, This led so many startups to open their offices in the district. The vital relationships between art and commerce helped gentrify Shoreditch. This trend was notified not only by locals but also by the government of the UK.
In 2010, the British prime minister, David Cameron announced a programme to transform London’s East End into a technology incubator, Silicon Roundabout. The main goal and idea was to transform London into one of the biggest tech hubs in the world. This worked out well. Tech money flooded in from leading internet companies and venture capital funds. Moreover, the city made huge investments into the preparation for the 2012 Olympic Games, improving the infrastructure of Shoreditch and increasing the quality of life. Someone would say, “Too much money for the artsy Shoreditch”... Well, it’s partly true. As creative and tech industries were thriving, the district became a victim of its own success. Rents have risen dramatically over the years, completely changing the neighborhood. By 2015, 30% of people who lived in Shoreditch worked in finance.
By 2017, Shoreditch had become the world’s most expensive tech district with rents higher than the Mid-Market in San Francisco. This led to a migration of independent companies from Shoreditch to other, more affordable districts, which were open to business experiments. Does this remind you of anything?
Shoreditch is a great example of a successful district’s lifecycle. The area went through a number of cultural and business revolutions over the past few decades. Shoreditch has been transformed from a rundown neighborhood to colorful and artistic area to trendy district where people from dozens of nationalities live and work. It’s was a natural process, which we can see in other cities from Williamsburg in Brooklyn to Kreuzberg in Berlin. The new economy continues to shape the identity of Shoreditch. It’s important to remember, that the district owes its success to the diversity of the community that makes people and businesses create and innovate. The ability to keep district advance will depend on the ability of Shoreditch to keep this vivid ecosystem. Will Shoreditch succeed?

#Shoreditch #creatives #gentrification

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