A proposal to help stimulate growth in research and development and the ‘knowledge economy’ in Cardiff has been brought forward by Cardiff Council’s Cabinet.
The Council has been approached by Cardiff University about acquiring our interests in Cardiff MediCentre, as part of their proposed £400m scheme to deliver a new ‘Innovation Ecosystem’ at the Heath Park campus.
If it is agreed the money released would be ring fenced by the Council to give entrepreneurship in the city a boost, investing in new facilities, referred to as ‘business incubator spaces,’ to support Small or Medium Sized Enterprises (SMEs).
‘Business Incubator Spaces’ give support and guidance to new innovative companies so they can develop their skills, access finance capital services, connect business opportunities, and encourage networking as well as provide a physical base. It also being proposed that the spaces are developed in regeneration areas to help create jobs and opportunities in parts of the city with most need.
Cardiff MediCentre currently provides 19,000 square foot of ‘business incubation space’ made up of laboratories and office space for 25 companies. In reality it has effectively become a managed office space, rather than a facility where small up and coming businesses develop their skills and services before moving on to allow others to follow.
Councillor Russell Goodway, Cabinet Member for Finance and Economic Development at Cardiff Council, said:
“In these difficult financial times we need to ensure that we are doing as much as we can to encourage entrepreneurs and innovators to think about basing themselves in the city to establish their businesses.
“These fledgling companies could become the major employers of tomorrow and it is important that we address the under supply of space in the city for innovative companies to develop their business skills. This proposal allows us to aid the university in their ambitions to deliver their exciting plans to create an Innovation Ecosystem in the city at the same time as giving us the opportunity to provide more space for business incubator units in areas of the city most in need of regeneration.
“The Council will also continue to work with the Welsh Government to provide office space for companies so they can move on after requiring the necessary skills, allowing others to follow so this sector can flourish.”
