The Welsh Innovation Centre for Enterprise (ICE) is worth an estimated £13.8 million to the Welsh economy, an independent report has claimed.
Based on Caerphilly Business Park, Welsh ICE is business hub home to around 80 firms and start-ups – including Caerphilly Observer.
The findings of the independent report, by Cardiff-based CM International, were announced on February 4 at the Senedd in Cardiff Bay by ICE board members Gareth Jones, Mandy Weston and Will Record.
Based on the number of jobs created by current ICE members and graduated businesses, the report estimates that Welsh ICE has a current net Gross Value Added (GVA) benefit to the Welsh economy of £13.8m.
The report looked at the number of full-time equivalent jobs created by businesses at ICE, as well as analysing surveys of ICE members.
A key finding of the member surveys was the added value delivered by ICE in the form of subsidised support places, lowering the threshold for early stage entrepreneurs to build their business ideas without having to worry about the cost of getting off the ground.
Gareth Jones, CEO of ICE, said: “The community at ICE is incredibly inspiring, and we are proud to have shown that small amounts of investment combined with the right strategy can have a huge impact for fledgling entrepreneurs.
“Naturally, as the companies gain momentum they are more likely to create jobs and wealth for the local economy, but if they cannot afford to get started in the first place, it will never happen.”
Economy Minister Edwina Hart said the figures from the report were encouraging.
She said: “The work carried out by the centre complements Welsh Government activities and I am pleased we have supported ICE to help around 80 businesses start-up and grow.”
The report also states that if the net GVA persists for a further three years, then Welsh ICE will achieve a cumulative net GVA benefit of £36.3m, with a further additional GVA of £13.09m if member’s estimates of future job creation are realised.
• Welsh ICE has launched a new scheme to develop and support high growth in new start-up firms.
The pre-start business accelerator programme is open to businesses that can outline an ambitious growth strategy with the aim of creating ten jobs and turning over £2 million in its first three years.
Businesses will also be helped to crack international markets with the aim of generating 30% of revenue through export.
The closing date for applications is February 7. For more information visit welshice.org.