The government wants to turn the area around the Olympic Village in Stratford into the UK's rival to Silicon Valley in California.
Prime Minister David Cameron will reveal plans to investors today that will include an entrepreneuria visa to allow multinational companies to transfer staff across to UK offices.
Google, Facebook and Intel are among the companies that have already agreed to invest in the area which includes the Olympic Village at Stratford and other parts of the East End of London.
Google said it will create an 'Innovation Hub' in a bid to develop the next generation web services, while Facebook plans to open an UK office for its Developer Garage scheme.
During his speech, Cameron is expected to say: "Silicon Valley is the leading place in the world for hi-tech growth and innovation. But there's no reason why it has to be so predominant".
"Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make east London one of the world's great technology centres."