Economy Secretary Ken Skates today announced £1m funding to establish a new business hub in Wrexham to support the creation of 100 new enterprises and the creation of 260 new jobs over the next two years.
The two year pilot, that aims to help secure at least £1m of private investment for its member entrepreneurs, will provide wrap round support for aspiring entrepreneurs and will be delivered by Business Wales in association with Welsh ICE.
Ken Skates said:
“I am delighted to announce funding for the new incubator in Wrexham to harness, support and encourage the fantastic entrepreneurial talent in the region.
“Innovation and entrepreneurship are vital drivers for the economy and I want to continue to create the best environment for entrepreneurs across Wales and will be using the pilot to inform my future economic priorities.
“The importance of providing space, community and support for aspiring entrepreneurs is key to success and I am keen to build on and complement the existing infrastructure across Wales.”
The Hub will provide a community for entrepreneurs that will link to the wider ecosystem including Glyndwr University, Coleg Cambria, industry and support agencies in the region.
It effectively will roll out the successful business incubator models that are established in Wales and will focus on providing a supportive environment for like minded entrepreneurs to develop their businesses.
Welsh ICE CEO and Founder Gareth I. Jones, said:
“We are excited to start to work more with the community in Wrexham, and partners at Welsh Government and Business Wales, to help anyone with an idea for their own business, no matter how big or small, to make positive steps towards launching their own start-up.”
The Hub will be delivered through the Business Wales consortium – which is backed by EU funding – who will work collaboratively with Caerphilly based Welsh ICE which has four years of experience of running a successful incubation facility.
It will provide a shared work environment, business advice, structured workshops, increased opportunities and challenges designed to inspire potential entrepreneurs to develop resilient and successful companies.
It will also provide entrepreneurs with international trade support, high quality business advice, intercompany and individual networking opportunities, and mentoring and training support.