A Caerphilly-based business centre supporting start-ups has contributed £53 million to the Welsh economy over the last six years, according to a new report.
Since its launch in 2012, the Welsh Innovation Centre for Enterprise (ICE), based on Caerphilly Business Park, has helped to create the equivalent of 360 full-time jobs.
The report, compiled by social and economic research company Wavehill, analysed the number of jobs said to be created by businesses at Welsh ICE.
For each year, it multiplied the number of new positions by the Welsh average of Gross Value Added benefit per job to arrive at the figure of £53m.
The report did not take into account the actual salaries of jobs created.
Councillor Sean Morgan, Caerphilly County Borough Council’s deputy leader, said the report showed Welsh ICE had a significant impact on the economy.
He said: “I’ve had the great pleasure of visiting the centre and some of the many businesses it supports on many occasions, and am always impressed by the level of innovation, support and passion that goes into encouraging entrepreneurship.
“We’re extremely proud that Welsh ICE has chosen to call Caerphilly County Borough home, and I have no doubt that this success will continue for many years to come.”
Other key findings of the report were that businesses at Welsh ICE had a 77% three-year survival rate compared to the UK average of 61% and that 74% of ICE members had developed formal agreements with each other.
Jamie McGowan, Campus Director at Welsh ICE, said: “The findings of this report are a testament to the hard work of all the business owners, staff and entrepreneurs based on campus.
“Simply put, the ICE model works and shows that if you build an environment that inspires community and gives startup businesses the right funding and support, they will thrive and create the jobs that have a wider economic benefit.
“Success through collaboration was the mission of ICE founders Anthony and William Record, Gareth Jones and Mandy Weston, and I am proud that we continue to build on that legacy.”
The report concluded that if the net GVA continues for a further three years, then Welsh ICE should achieve a cumulative net GVA benefit of more than £70m to the Welsh economy.
Caerphilly Observer is based at Welsh ICE.