£1 million innovation hub to accelerate business growth in North Wales
Ken Skates, the Welsh economy secretary, has announced that the government will be allocating £1 million in funding to establish a new innovation hub in North Wales.
To be based in Wrexham, the centre will generate 260 skilled jobs and 100 new Welsh businesses over the next two years. It’ll be delivered by Business Wales and Welsh ICE.
The business hub will run as a pilot project in the first instance, and aim to help secure £1 million in private investment for its member entrepreneurs and start-up businesses.
It’ll be delivered through the Business Wales consortium, which is backed by European funding, and work in a similar format to the ICE campus to accelerate business growth in Wrexham.
There will be co-working space, business advice, structured workshops, increased opportunities and events designed to help entrepreneurs grow their businesses and products.
As well as creating a community for entrepreneurs based in Wrexham and the surrounding areas, the hub will support Glyndwr University, Coleg Cambria and other industry agencies in the region.
Mr Skates said: “I am delighted to announce funding for the new incubator in Wrexham to harness, support and encourage the fantastic entrepreneurial talent in the region.
“Innovation and entrepreneurship are vital drivers for the economy and I want to continue to create the best environment for entrepreneurs across Wales and will be using the pilot to inform my future economic priorities.
“The importance of providing space, community and support for aspiring entrepreneurs is key to success and I am keen to build on and complement the existing infrastructure across Wales.”
Gareth ICE, CEO of Welsh ICE, said: “We are excited to start to work more with the community in Wrexham and partners at Welsh Government and Business Wales.
“To help anyone with an idea for their own business, no matter how big or small, to make positive steps towards launching their own start-up.”