As part of a rolling investment, the network computing company will help establish two innovation centres and five annual competitions aimed at entrepreneurs, as well as providing in-house experts to conduct mentoring programmes for British entrepreneurs. The sponsorship will be spread over the next five years.

Cameron says, ‘This will help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth.

‘We want to bring together the energy and innovation of Shoreditch and the incredible potential of the Olympic Park to help make East London one of the world’s great technology centres.‘

Cisco CEO John Chambers, adds: ‘We are delighted to be working with the UK Government on this project as a logical progression from our work in the east of London for the London 2012 Olympic Games.’

In November last year, Cameron announced he wanted London’s East End to rival California’s Silicon Valley and become one of the ‘world’s great technology centres’. He launched the ‘East London Tech City’ project and initiative, the British Innovation Gateway (BIG), to encourage investment in the area.