Close collaborative working between the Welsh Government and the Technology Strategy Board has resulted in more than 260 projects from Wales supported by the Board since 2010, with a total financial commitment of nearly £27million.
The figures were released this week by Economy Minister Edwina Hart following a meeting to review progress with Iain Gray, CEO of the Technology Strategy Board, who retires later this year.
The Technology Strategy Board – the UK’s innovation agency – promotes and supports the research, development and exploitation of science, technology and innovation to benefit business, increase economic growth and improve the quality of life in the UK. It does this through a range of ways including collaborative R&D, knowledge transfer networks and knowledge transfer partnerships
The Minister said: “ I want to ensure that Wales benefits from the funding opportunities promoted by the Technology Strategy Board and pleased that a really close collaborative working relationship has been established between the Welsh Government and the Board over the last three years.
“It has brought tangible results – we have seen a significant increase in successful projects from both academia and businesses in Wales – with a 30% increase in Welsh companies successfully bidding for Technology Strategy Board funding and we continue to build on the encouraging growth of Welsh success in securing Technology Strategy Board funding.
“We are helping companies to raise the quality of their applications to calls and competitions through our Collaborative Research Innovation Support Programme. This provides funding to enable businesses to access expert help in drawing up their bids and gain a better understanding of the process.
”I am committed to our agenda of collaborative working and thank Iain Gray for his productive work and support over the years .”
The Minister added that Welsh Government targeted collaboration and co financing in key programmes such as regenerative medicine call and the Small Business Research Initiative are good recent examples of joint funding and joint working, creating additional opportunities for businesses in Wales.
Iain Gray, Chief Executive of the Technology Board commented: “The Technology Strategy Board has worked hard to build our relationship and connections with Wales over recent years. We recognise and are keen to support the new and exciting innovation and technological advances being developed and delivered by Welsh companies large and small – and I have seen yet more examples of that on my visit here this week.
“We have strong and positive links with the Welsh Government, Universities and other key partners, and our programmes are now actively helping dozens of businesses across the whole of Wales to develop their innovative ideas and bring these successfully to market.”
The Welsh Government is committed to raising awareness of Technology Strategy Board funding opportunities through supporting events like Venturefest which targets entrepreneurial and high growth businesses. This year’s event on July 9 in Cardiff promises to be as successful as the 2013 event which attracted 250 delegates.