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Digital Development Fund to be extended
Launched in 2011 as a pilot, the £2million Fund has helped a wide range of businesses diversify into new markets, develop new products and also exploit short term market advantages.
Extending the Fund for another three years until March 2016, subject to a review in 2015, Economy Minister Edwina Hart said this would provide continuity of support.
The Minister said:
“Creative industries is a key sector of the Welsh economy and this Fund is helping companies develop products and services that utilise a range of digital devices, platforms and channels and access international opportunities.
“It is a very dynamic sector and it is important that companies based in Wales have access to seed funding to remain competitive, bring new products to market and trade globally.
“Many of the businesses operate in rapidly expanding industries and this support is encouraging innovation and helping companies in Wales to develop a competitive edge.”
The Fund provides non-repayable funding to support the development of new digital products and services. It can provide funding of up to 50 % of project costs, to a maximum amount of £50,000.