Caerphilly-based start-up centre Welsh ICE has been chosen to deliver one of four new regional enterprise hubs, with the campus supporting the South East Wales Valleys region.
The new contract is part of a Welsh Government drive to encourage and support entrepreneurship across Wales.
The hubs are funded by the European Regional Development Fund through the Welsh Government and will see more than £4m invested to provide supportive spaces and mentoring for new and growing businesses.
Welsh ICE Chairman, William Record said the contract was testament to the impact ICE has had within the startup and small business community.
He said: “Since its founding in 2012, ICE has gone on to grow into an incredible space for start-ups and small businesses.
“Since then, we’ve added further buildings and can now boast over 30,000 square feet of office space. Our recent independent report found that businesses at Welsh ICE had generated a net GVA benefit of £53m to the Welsh economy across its eight years.
“This was due to the vital funding provided by the Welsh Government, which meant that start-ups were supported for their first year, with free office space, mentorship and superfast broadband access.”
He added: “ICE was the first of its kind in Wales and is still the largest centre outside of London. Its success was the proof of concept for entrepreneurial hubs in Wales, and it is therefore with great pride that I can say we have been chosen to be the official ‘Entrepreneurial Hub’ for the South East Wales Valleys.”
Economy Secretary, Ken Skates said: “My Economic Action Plan is clear that supporting and encouraging entrepreneurship across Wales is absolutely crucial if we are to succeed in growing Wales’ economy.
“And I expect my decision to deliver these businesses hubs in North West Wales, Mid Wales, the South West Valleys and the South East Valleys, provides a real boost to our regional economies.
“Alongside the satellite locations, these five hubs will ensure that budding entrepreneurs in all parts of Wales can access the space and help they need to get their ideas off the ground, creating at least 700 new enterprises and 1160 new quality jobs in the process.
“The evidence is clear that by working collaboratively and bringing academia, industry and local partners closer together in the right environment we can deliver a host of wider benefits to areas surrounding the hubs.
“This can only be good news for our economic regions, and for delivering my ambition of ensuring the fruits of prosperity fall much more evenly across Wales.”