The Welsh Government has announced that it has signed a new Memorandum of Understanding with Innovate UK, as part of a plan to grow the Welsh economy.
The new MoU will see the two bodies working together to grow the economy, with the signing also representing the first MoU that has been agreed with a devolved government.
Wales’ Minister for Economy, Vaughan Gething, said:
“This Memorandum of Understanding with Innovate UK follows on from our commitment under our recently launched Innovation Strategy, ‘Wales Innovates.’ It signals how we plan to enhance our collaboration through a coordinated joint effort to promote, engage and develop high quality innovation proposals from across a diverse range of innovation stakeholders, sectors and regions to ensure Wales increases its share of competitively awarded funding.
“This closer relationship will enable progress against the targets in our Innovation Strategy and wider objectives. The Welsh Government is determined to set the foundation for a dynamic and prosperous future for Wales where, by working together, we can create opportunities for entrepreneurship, collaborative innovation and new technologies that can have positive impact on every part of society.”
There are three themes to the call to action. They are:
- Connecting Support: This will look to make sure that stakeholders in Wales have clear and effective routes to support schemes for innovation.
- Stimulating Innovation: This will see the sharing and amplification of communication channels, as well as increasing access to Welsh innovation assets, and identifying shared priorities.
- Data: More data will be shared as they look to achieve common goals, with the data being used to understand the needs of audiences and addressing inequalities to ensure that opportunities for local people are boosted.
Indro Mukerjee, CEO of Innovate UK, said:
“Innovate UK is building strong collaborations both nationally and locally. I am pleased to announce this new partnership with Welsh Government to support innovation and drive economic growth, creating a diverse and thriving innovation ecosystem. Wales has been an important contributor to the UK’s innovation success, life sciences, and compound semiconductors and we look forward to working more closely together and building on this success.”
