Christine Chapman has called on Welsh Government Business and Enterprise Minister Edwina Hart AM to provide the extra support to Welsh entrepreneurs that would help them “tear down the barriers” preventing economic innovation.
The Cynon Valley AM made the call during Assembly questions, where she referred to the importance of proof of concept funding – the money available to entrepreneurs to fund the transitional process that tests if an idea works – and suggested the importance of this to developing the Welsh economy.
Christine Chapman AM said:
“During my discussions with Welsh businesses, academics and entrepreneurs I am often told that access to proof of concept funding is one of the greatest barriers inhibiting innovation. “What more can be done to help move the Welsh economy forward and make Wales a benchmark for excellence?” In reply, the Minister said that:
“We are currently providing funding opportunities for some Welsh businesses, academics and entrepreneurs through business innovation with SMART Cymru, support for research and development, innovation vouchers towards technical consultancy expertise, and specialist equipment. “Funding is only part of the offer because we have a new project development that involves intellectual property, manufacturing and design. Business innovation can provide support in all of these areas.
“After some business that I have been undertaking I am aware that there is also concern that there are other areas to be considered in this agenda. Therefore, in the light of some of my recent visits to businesses, I will be asking officials to look at this.”
