Timms will meet with executives from BT, Virgin Media, Sky and the regulator Ofcom, among others, to discuss ways of speeding up the broadband network.
The government is concerned that British industry could suffer if broadband speeds don't improve in line with the rest of the world.
More than half of all UK homes now have a broadband connection, at an average speed of four megabits a second (Mbps).
But the broadband summit will hear other countries are moving more quickly to build ultra-fast networks that can deliver speeds of as much as 100 Mbps.
Ministers say ultra-fast broadband will be a key to helping UK businesses "innovate, grow and create wealth".
Stephen Timms, minister for competitiveness has told the BBC, “We need to be discussing how we can put this new network into place, because delay could be a barrier to the future success of our economy."
The broadband summit will discuss how industry, government and regulators can make sure Britain gets the next-generation network that will be needed as services like internet video take off.