Welsh Government
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£20m to boost Welsh business innovation
Economy Minister, Edwina Hart, has announced £20m of EU and Welsh Government funding for a new programme to help Welsh businesses grow by developing new ideas and products.
The SMART Innovation service will build on the success of the previous Business Innovation programme, which helped to significantly increase research and development levels in Welsh businesses, helping over 1,200 businesses and developing some 950 new and improved products and processes. That project also delivered £23m of investment and created over 340 new jobs.
Delivered across Wales, SMART Innovation will help businesses access financial support for research and development, provide expert advice and support, and ensure universities, public and private sectors work together to deliver innovative new products, processes and services.
Mrs Hart made the announcement during a visit to Guardian Global Technologies in Pyle, who design and manufacture oil and gas Ballistics Delivery Systems and received support to expand from the previous Business Innovation programme.
She said:
“Investment in research and development by Welsh businesses is vital for the long term success of the Welsh economy. I am pleased to announce funding for the SMART Innovation programme, which will build on the achievements of the Business Innovation scheme to help Welsh business develop new ideas and products for commercial success. As well as providing advice and guidance to businesses looking to develop new ideas it will encourage collaboration between the academic and commercial worlds.”
The SMART Innovation programme will be funded by £12m from the European Regional Development Fund and £8m from the Welsh Government.
Minister for Finance and Government Business, Jane Hutt said:
“I am delighted that over £300 million of EU funds will be targeted specifically at supporting research and innovation through projects like SMART Innovation, creating a positive, dynamic climate for business growth in Wales. The EU investment will also help put Welsh companies in a stronger position to successfully compete for £80 billion of EU funds made available through the EU’s largest research and innovation programme, Horizon 2020."
Patrick Keenan, Guardian Global Technologies’ CEO said:
“Support from the Welsh Government and the Business Innovation programme has enabled Guardian to invest in new technology and skilled staff making us more competitive and enabling us to increase exports. Developing new ideas and products is vital for ensuring companies like ours can continue to grow.”
