Wales is failing to say its justifiable share of presidency innovation funding — settling for 75% lower than some elements of the UK, a examine by innovation funding specialist Catax reveals.
Companies throughout the UK have loved £12.3bn of grant awards from authorities innovation company, Innovate UK, since 2003.
Nevertheless, in that point, Welsh companies have obtained much less grant money than another area besides the North West and Northern Eire, when adjusted for enterprise inhabitants.
Firms in Wales have obtained the equal of £1,623 per enterprise, whereas the North East has come out on high, netting 4 occasions that quantity — the equal of £6,504 per firm. Whole grant funding nationally has equalled £2,563 per business2 — which means Wales is 36.7% behind the UK common. [see tables below]
Candidates in Wales have been awarded £319million in whole. The most important grant in Wales over the past 5 years was the £51.2million given to the Compound Semiconductor Purposes (CSA) Catapult, in Cardiff, which goals to make the UK a world chief in compound semiconductors.
Different areas trailing the nationwide common are North West (£1,039), Northern Eire (£1,465), the East of England (£1,922), the East Midlands (£2,084) and Yorkshire & Humber (£2,204).
Three highest grant awards in Wales over the previous 5 years
The disparity has improved solely barely up to now 5 years and remains to be trigger for concern. The North East was nonetheless the most important recipient (£2,586 per enterprise) between 2017 and 2022, whereas the North West continued to learn the least (£473 per enterprise).
Wales’ place has improved considerably over the previous 5 years, rising to be the sixth highest recipient at £1,030 per enterprise. It means the hole with the North East — the highest performing area — has narrowed, with Wales receiving 60.2% much less on a like-for-like foundation. Grant funding nationally equalled £1,093 per enterprise over the previous 5 years.
The outcomes of the examine function a wake-up name to companies throughout the UK to make sure they’re benefiting from funding alternatives on supply, as a lack of knowledge continues to carry again purposes.
Karen Taylor, Group Head of Grants at innovation funding specialist Catax, feedback:
“There may be nice variation within the stage of innovation funding being obtained across the UK however the promising information for Wales is that its companies are more and more recognising the grants system. Their efforts to say Wales’ justifiable share of grant funding now see it inside touching distance of the nationwide common, although these companies nonetheless have some solution to go earlier than they problem areas just like the North East. Hopefully it will probably construct on this success and encourage much more companies to hunt the innovation funding they want.”
Grants awarded per area, adjusted for enterprise inhabitants
