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London has been hailed as the best European city for developing technology to help good businesses to thrive and make social impact.

According to Nesta, the British-based innovation charity that conducted the research, London had a "significant lead" over other cities for nurturing "tech for good" ventures, with Amsterdam ranked second, followed by Copenhagen, Stockholm and Paris.

Matt Stokes, senior researcher, Nesta, told the Thomson Reuters Foundation that London is the tech capital of Europe from a commercial technology standpoint.

As stated by Nesta, meet ups, accelerators, hackathons and competitions, such as the Mayor of London's Civic Innovation Challenge, have helped many businesses and startups to advance and succeed in their organizational mission and goals.

Nesta's research ranked 60 European cities on their ability to foster digital social innovation and tech for social ventures, including for-profit tech companies, social enterprises, charities and individual projects.

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