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.
