A new partnership to help grow the Welsh economy has been agreed between the Welsh Government and Westminster’s innovation agency, Innovate UK. Welsh Economy Minister Vaughan Gething and the chief executive of Innovate UK have signed a memorandum of understanding - the first to be agreed with a devolved government.
Innovate UK, which has an annual budget of over £1bn, provides businesses with facilities and funding needed to test and develop new ideas. The new agreement will see the two organisations work together to boost business and create opportunities for entrepreneurs across Wales.
The joint plan will look to ensure stakeholders in Wales have clear routes to innovation support schemes. The Welsh Government will also be a partner in Innovate UK’s business support service ‘EDGE’ and the two organisations will collaborate on the design of future innovation programmes.
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The agreement will also look to increase access to innovation assets in Wales as well as share more data between the two organisations and use data to address inequalities and boost access to opportunities for local people.
Mr Gething said: “This memorandum of understanding with Innovate UK follows on from our commitment under our recently launched Innovation Strategy, ‘Wales Innovates’. It signals how we plan to enhance our collaboration through a coordinated joint effort to promote, engage and develop high quality innovation proposals from across a diverse range of innovation stakeholders, sectors and regions to ensure Wales increases its share of competitively awarded funding.
“This closer relationship will enable progress against the targets in our Innovation Strategy and wider objectives. The Welsh Government is determined to set the foundation for a dynamic and prosperous future for Wales where, by working together, we can create opportunities for entrepreneurship, collaborative innovation and new technologies that can have a positive impact on every part of society.”
Indro Mukerjee, chief executive of Innovate UK, said: “Innovate UK is building strong collaborations both nationally and locally. I am pleased to announce this new partnership with the Welsh Government to support innovation and drive economic growth, creating a diverse and thriving innovation ecosystem. Wales has been an important contributor to the UK's innovation success, particularly in the areas such as advanced manufacturing, life sciences, and compound semiconductors and we look forward to working more closely together and building on this success.”
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