Developers at Canary Wharf in London are keen to copy the success of Shoreditch's Silicon Roundabout, and are taking steps to motivate IT companies to set up business there.
Canary Wharf Group secretary John Garwood the area was a "natural fit" for IT companies, and that that the presence of so many financial institutions would aid with funding.
"We think that's a unique selling point," he was reported in the Financial Times as saying.
It is expected that media and telecoms firms will accompany technology businesses in setting up in the area.
Wood Wharf, a site next to the main Canary Wharf area, is a key candidate for IT developments, the newspaper reported. The site will also contain homes and shops, as well as a hotel.