Innovation Economy Finds New Home in Wales
SWANSEA, Wales--October 2, 2001--| -- | With "Technium" launch, Wales establishes nationwide technology incubator and venture capital network |
| -- | High-tech billionaire Terry Matthews, founder of Newbridge Networks Corporation, among the business leaders lending support to the program |
The innovation economy is a reality -- for entrepreneurs who know where to find it - that is the message delivered by the Welsh Development Agency (WDA) today at the nationwide launch of the "Technium" initiative.
Technium is a groundbreaking pan-Wales program to generate and grow innovation-based businesses through a (pound)50 million [$73.9 million USD] state-of-the-art network of up to 20 research and development incubator facilities linking businesses to bodies of specialized academic research. The first six Technium facilities will be built next year, following the lead of the program's successful pilot facility at Swansea.
Technium facilities allow local businesses with high growth potential and complementary international investors to collaborate under one roof. Technium participants receive business advice along with technical support from the WDA and partner organizations to boost accelerated development. They can also take advantage of a broadband fiber optic link to Swansea University and access to cutting edge research and development, business support structures and assistance in marketing and intellectual property rights.
Since its launch, the Technium opportunity in Swansea has been oversubscribed, attracting investors from Hewlett-Packard spin-off Agilent Technologies to home-grown Welsh concerns such as s8080, a leading new media company.
Sir David Rowe-Beddoe, Chairman of the Welsh Development Agency, emphasizes the critical link Technium establishes between the public and private sectors in Wales. "The Technium network will weave a seamless web of knowledge, science and innovation across Wales, drawing business and education into a closer symbiotic relationship."
Extension of the Technium concept includes a Technium Venture Capital Fund and Technium Scholarships to promote entrepreneurship and innovation by undergraduates.
A network of satellite Technium facilities aims to strengthen Wales as a major location for knowledge based businesses in key sectors such as biotechnology, opto-electronics, automotive, electronics, multi-media, digital, industrial technology and aerospace.
The Technium initiative is designed to bring entrepreneurs and investors to Wales from across the globe, according to Professor Robin Williams, Vice Chancellor of the University of Wales, Swansea: "With the development of Technium and the entrepreneurship concept, anyone coming to us with a sound idea and a good business case can get started with our help and turn his or her idea into reality."
Partners in the initiative are the WDA, University of Wales, Swansea, ELWa, the City and Council of Swansea and Swansea Institute. High-tech billionaire Sir Terry Matthews, who is a key supporter of Technium, will deliver a keynote speech at the launch. Matthews received his engineering degree from the University of Wales at Swansea, before going on to found such successful technology companies as March Networks, Mitel Corporation and Newbridge Networks Corporation, purchased by Alcatel in May 2000.
The Technium initiative is part of a larger plan by the Principality of Wales to increase knowledge-driven economic development in Wales by enhancing a thriving research and development base through closer links between academia and business.
