Mayor Boris Johnson said: "There is no reason why this area shouldn't be the home of a new boom in not just small startups, but mega companies. Why is it that this country hasn't produced an Amazon, a Google or a Facebook? I think there the answer is there is no reason. It’s going to happen and wouldn't be surprised if it happened in iCity."
Perhaps because "The City" rather than "iCity" pays developers (and many below-average ones at that) vastly more than any start up can afford to? So perhaps yet another 'technology hub' in London isn't appropriate?