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Mayor of London Boris Johnson is calling on businesses to put forward ideas as to the best way to encourage regeneration in the capital after London 2012.
He is urging firms to come up with radical plans to chance the face of the city and is looking for "ground-braking ideas" as to how to use the Olympic site after the Games.
The competition named London Calling is welcoming entries from all business sectors and wants to see original ideas about how to regenerate east London following the sporting event.
Speaking from Beijing, Mr Johnson said: "I am calling on investors and organisations around the world to come forward and surprise us with startling ideas that can preserve the memory of the Games while creating a new focus for London's eastward growth."
He added: "We are looking for the mix of imagination and realism that marks out the truly great ideas and will create a truly great place."
East London has long been popular with businesses needing London office space with hubs such as Canary Wharf and Greenwich proving particularly attractive.
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