Welsh Government investing £115m in Employment Innovation Projects

Two new funding initiatives are being launched as part of the Welsh Government’s overall SMART programme for Welsh businesses and academic establishments.

  • SMART Cymru will be funded through £27.32 million of European Regional Development Funds, with private sector match funding of £36.08 million making the overall budget for this programme £63.4 million.
  • SMART Expertise will be funded through £30.3 million of European Regional Development Funds, with private sector match funding of £21 million making the overall budget for this element of the programme £51.3 million.

Grants will be provided to help companies develop new innovative ideas. The scheme will achieve this by removing financial barriers and enabling collaboration between academia, public and private sectors. Support will be offered for research and development funding and access information and advice from the Welsh Government to bring new ideas to the market.

Businesses and academic establishments in Wales may bid collaboratively for support from this programme, which will operate over the financial years 2015/16 to 2021/22.

Announcing the new funding, First Minister of Wales, Carwyn Jones, said:

"Wales has an excellent record of producing world class scientific research. The Research Excellence Framework 2014 found more than three-quarters of the research submitted by universities in Wales to be world-leading or internationally excellent, and nearly half was found to be world-leading in terms of its contribution to the economy and society.

"This major investment will enable us to build on that and support more Welsh enterprises to commercialise their ideas, grow and create high-quality jobs throughout the country."

Wedi ei bostio ar Dydd Iau 24th Medi 2015