Two new innovation centres are to be launched in east London aiming to boost two deprived areas of east London through technology.

The initiative, known as the British Innovation Gateway (BIG) was announced at the Cisco Live Europe conference, where Cisco also revealed that it had committed $500m over five years to the centres.

BIG will include two networked Innovation Centres -- one in Shoreditch developed in partnership with the local small businesses, and another at the Olympic Park which is focused on delivering more innovative technologies for the whole of London.

Announcing the deal, Cisco CEO John Chambers said the initiative was an example of how industry could work with governments.

"This project is a logical progression of the work we've done in the east of London for the 2012 Olympic Games, and we are delighted to work with the UK Government as it serves as a reminder of how business and government, working together can turn vision into reality," he added.

Cisco also said that it would sponsor yearly competitions aimed at encouraging innovation in small businesses and would work at other innovation centres in the UK.