British Prime Minister David Cameron will announce that the UK will create a new “entrepreneur visa” and reform its intellectual property laws to try to attract the next Bill Gates.

Cameron will set out plans to transform a stretch of East London into a high-tech hub to rival Silicon Valley, starting with new investments from the likes of Google, Intel and Facebook.

“Right now, Silicon Valley is the leading place in the world for high-tech growth and innovation. But there’s no reason why it has to be so predominant,” Cameron will say in a speech, according to excerpts released in advance by his office.

The proposed new “entrepreneur visa” would allow people with great business ideas and the backing of serious investors to set up shop more easily in Britain.

Cameron will also say that a company like Google could never have started up in Britain because of a copyright system that is not as open to innovation as it is in the United States.

“So I can announce today that we are reviewing our intellectual property laws, to see if we can make them fit for the Internet age. I want to encourage the sort of creative innovation that exists in America,” he will say.