The government's TechCityUK initiative has been making headlines with its aim to rapidly grow the cluster of start-ups in London's Old Street area - dubbed 'Silicon Roundabout' - into a world-class hub for technology innovation.
It's not the first time that a government has tried to incubate the organic success of Silicon Valley, but, having recently returned to London after 20 years in the Bay Area, I believe it has one of the best chances of success.
The reason for this is that London shares many of the attributes that make Silicon Valley a great home for technology innovation.
A culture where research matters
The Bay Area has eight universities within a half-hour drive and it was Stanford graduates, Bill Hewlett and Dave Packard, who got the ball rolling when they created the original garage start-up way back in 1935.
This link between academia and industry has driven the Valley's success - education institutions provide the bright, young workforce that start-ups need, while internationally-renowned academics solve many of the problems that arise during product development.
London has this thriving academic community. We just need to establish greater dialogue with our entrepreneurial counterparts.
A culture of risk and reward
The Valley's success is a virtuous circle - over the years it has attracted more venture capitalists than anywhere else on earth. The density of start-ups has also enabled talented graduates to take a risk - if they join a venture that fails, there's always another one that'll snap them up.
The City of London has long been a world financial centre and there's a growing community of early-stage investors here. Meanwhile, initiatives such as Silicon Milkroundabout are helping to attract young people away from traditional graduate recruiters and towards careers in new ventures.
If TechCityUK can succeed in creating a critical mass of start-ups, then any risks associated with them will soon be outweighed by rewards.
A community of suppliers and users
Many countries have tried to create innovation hubs in rural areas where land is cheap. While low costs may help new businesses get off the ground, a remote location makes it much harder to find suppliers and launch new products.
London is an established centre of commerce. The existing Silicon Roundabout companies already collaborate, the Square Mile is one of the earliest adopters of new software, and we have a large, cultured population that's willing to try out the latest consumer technology.
A place where people want to live
London's other advantage over the out-of-town technology park is its culture and infrastructure. OK, it may not be the cheapest place to live, but entrepreneurs don't worry about that - they know they'll get rich eventually!
London matches the Valley on the number of airports or speed of broadband and wireless connectivity, for example. More importantly, it's somewhere that the best employees - and their families - are happy to relocate to.
A unique selling point
Silicon Valley's differentiator is that it's the original - the oldest, largest and best. But what does London have that makes it stand out? Well, it's a combination of factors.
Nowhere in the world right now can I think of a place that combines a major capital city - and the history and tradition that brings - with a fast-paced, innovative metropolis, plus a government that is willing to devote the time and investment to make technology innovation happen.
It's important to remember that Silicon Valley grew over decades. While TechCityUK can't emulate this success overnight, it can certainly create the conditions to make it happen faster.