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A new plan to boost business in Wales, developed by Innovate UK, in partnership with Welsh Government, has been launched, paving the way for a strengthened innovation economy.

First published:
27 April 2023
Last updated:
  • UK’s innovation agency, Innovate UK and Welsh Government commit to a joint plan to help grow the Welsh economy.
  • Memorandum of Understanding signed between the Welsh Minister for the Economy and the CEO of Innovate UK, representing the first MoU agreed with a devolved government.
  • The plan will see Innovate UK and Welsh Government work together to create opportunities for innovators and entrepreneurs across Wales.

A Memorandum of Understanding was signed at an event held today attended by business leaders from the region, at AMRC Cymru in Broughton, North Wales, which is part of the University of Sheffield Advanced Manufacturing Research Centre (AMRC) industry-focused R&D innovation cluster.

The call to action has three themes:

  1. Connecting Support; ensuring that stakeholders in Wales have clear and effective routes to innovation support schemes, making Welsh Government a partner in Innovate UK’s business support service ‘EDGE’, and the two organisations collaborating on the design of future innovation programmes.
  2. Stimulating Innovation; sharing and amplifying communication channels, increasing access to innovation assets in Wales, and identifying shared sectoral priorities.
  3. Data; Sharing more data to achieve common goals, using data to better understand audience needs, to address inequalities and boost access to opportunities for local people.

Vaughan Gething MS, Minister for Economy, Welsh Government 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 positive impact on every part of society.”

Indro Mukerjee, CEO Innovate UK said: 

“Innovate UK is building strong collaborations both nationally and locally. I am pleased to announce this new partnership with 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.”