South Wales innovation centre secure £250k funding to support Welsh startups

The funding is provided by the Fairwood Trust, the Welsh Government, Lloyds Bank and the WCR Group. It’s designed to give start-up businesses a structured route to sustainability, creating jobs and boosting the Welsh economy.

The support will be delivered through Welsh ICE’s, ICE 50, where 50 start-up businesses will receive a fully-funded package including a full-time desk, a tailored mentoring programme, creative workshops, full telephone and high-speed internet access and one-to-one support for 12 months.

Gareth Jones, CEO at Welsh ICE said “It’s wonderful to be working in partnership with so many great organisations and the size of the funding package will lead to the creation of inspiring jobs in a beautiful part of Wales. This support will allow us to reach out to those businesses and aspiring entrepreneurs who are looking for that little bit of extra support that they need to get started, get launched and grow into a sustainable business.”

The ICE 50 has been developed by Welsh ICE and partners to give entrepreneurs and start-up businesses the boost they need to grow their enterprises in a sustainable way. Companies that have benefited from previous funding include, online community tool Noddlepod, digital health tool for businesses Nudjed, design agency Rose-Innes and CGI and animation studio Bomper – all of which have been able to grow both in terms of revenue and staff. It’s estimated that the new round of funding could help create around 125 to 250 new jobs in the area.

Economy Minister Edwina Hart said, “Welsh ICE has developed some genuinely innovative ways of nurturing start-up and early stage businesses and the Welsh Government is pleased to provide support, alongside the private and third sector, to new generation companies which create jobs.”

Charles Middleton, Director of the Fairwood Trust said, “Fairwood Trust is dedicated to the support of individuals in South Wales with an ambition to develop themselves and grow their own business and we are very pleased to be working in partnership with Welsh ICE to deliver funded spaces to individuals looking to start their own social enterprises.”

A limited number of places will be available each month for the next 6 months, and businesses from all sectors and industries are welcome to apply.

The closing date for the first round of applications is November 15th, and businesses are invited to submit their ideas to ICE through the website