Cardiff Council is working in partnership with Cardiff University to develop an Innovation Centre to boost the enterprise, entrepreneurship and the creation of new companies in the city region.
The Cardiff Innovation Centre will be based at Senghenydd Road, on the site of what is now the Cardiff Business Technology Centre.
The aim of the centre is to develop a joint approach to innovation across the city, increasing the number of graduate start-up companies and young businesses with high-growth potential.
The Council has committed £5m towards the project with the University providing the land on which the centre will be developed. Further funding may also be available through the European Structural Funds and the Council will also be speaking to the Welsh Government and considering private sector involvement to make up the remaining funding shortfall.
Cardiff Council Executive member for Economic development, Councillor Neil McEvoy, said: “In order for Cardiff and Wales to continue to prosper we need to create new ideas, products and services that the world wants to buy. This demands innovation and creativity, which fundamentally relies on talented people.
“At the moment Cardiff does very well in attracting talented people to live and work in the city and we have more degree educated people per head of population living in Cardiff than any of the major English cities outside of London.
“The Cardiff Innovation Centre will be a catalyst to helping nurture and develop young businesses, creating a hub for start-up companies, enterprise and entrepreneurship in Cardiff. As the biggest attractor of talent into the city, and Wales’ main centre for research and development, Cardiff University has a fundamental role to in supporting the Council on this project which will also complement the University’s major investment in the Campus Horizons project on Maindy Road.”
Professor Hywel Thomas, Cardiff University Pro Vice-Chancellor, Engagement and International, said: “The University is highly excited about the prospects for the Innovation Centre. We are fostering a culture of entrepreneurship and enterprise among our students and staff, and the Centre will provide the ideal environment where their ideas can take flight. We see the Centre as complementing our new research campus, currently under construction nearby at Maindy Park. We believe both sites will play a key part in fostering a Welsh knowledge economy in years to come.”
