Research and innovation is a specialist field throughout Wales and has a dynamic focus in Swansea and the Parc Felindre region with specialist organisations, education and business. The area provides a unique opportunity for businesses, research organisations or consultants looking to find a location to nurture their skills.
The UK government has committed to increase public R&D investment from £14.8 billion in 2021/22 to £20 billion per year by 2024/25. It has also outlined its plans to ‘level up’ the UK, including a focus on infrastructure, innovation and energy security, supporting in the delivery of net zero by 2050.
This increased investment in research and innovation means people across the Welsh nation can contribute to and share in the benefits of R&D investment in the UK.
How is R&D in Wales funded and supported?
R&D is funded and supported in many different ways. This includes direct investment from public, private, charitable and overseas sources, as well as indirect measures that encourage further private investment such as R&D tax credits.1
Exemplar support includes: access to world-renowned academic support; industrial research, experimental development and feasibility studies; research fund; investment into Europe’s first eco-system dedicated to compound semiconductor applications; collaboration with Wales’ premier Life Science Hub; publications.2
Who performs R&D in Wales?
Parc Felindre benefits from four regional R&D incubators and accelerators, specialist Universities and Science parks.3
The Welsh Government is protecting research and innovation and has instigated 7-10 year programmes covering skills, infrastructure, climate and focus on R&I. Stable policy context with guiding principles: synergies and smart specialisation
Over £1 billion total project cost across a wide range of innovation:
- Research excellence capacity for competitive funding
- Technology transfer in areas of Welsh expertise and business relevance
- Business-led horizontal support
- Skills
- Rural development
- Finance Wales.
Make this year the year your research and innovation business benefit. Contact our agent today.
References
Photograph courtesy of Pixabay.
Diagram from https://www.govgrant.co.uk/knowledge-hub/what-is-rd-for-business/
Find out more on
royalsociety.org/industry Promoting excellence in science. The Royal Society promotes excellence in science and supports international collaborations by funding research in the life and physical sciences, including engineering, in the UK and internationally. Find out more about the Royal Society’s grants programmes on royalsociety.org/grants
2https://tradeandinvest.wales/business-wales/why-wales/10-reasons
