Manager to fan entrepreneurial spark into flame
Anew intiative that aims to boost collaboration between key stakeholder groups in the Welsh economy, from academics to venture capitalists, has appointed its first leader.
Caroline Thompson has been confirmed as chief executive of the recently-launched innovation and entrepreneurship movement BeTheSpark – which is being delivered through a community interest company of the same name.
She is currently NatWest’s entrepreneur development manager, overseeing its Entrepreneurial Spark business incubator hub in Cardiff. Now that NatWest has become one of the first major businesses in Wales to back the project, it is financing the cost of her new seconded role.
BeTheSpark is a million miles away from a traditional “clipboard-assessed” business support programme. It will encourage deeper levels of collaboration – with the aim of creating more innovative businesses and, as a result, a more competitive economy – across the five key stakeholder groups of entrepreneurs, government, corporates, academia and risk capital.
In 2015 Wales successfully applied to join the Massachusetts Institute of Technology (MIT) Regional Entrepreneurship Acceleration Program (REAP).
And BeTheSpark is a direct result of that initiative to connect all key partners to support the right conditions for innovation-driven entrepreneurship in Wales.
Members of the Welsh REAP panel include entrepreneurs Hayley Parsons and James Taylor; Simon Gibson, chief executive of technology investment fund Wesley Clover; enterprise academic Professor Dylan Jones-Evans; and Dr Drew Nelson, chief executive of leading Welsh technology firm IQE.
BeTheSpark was launched last month, with 300 advocates from the five stakeholder groups pledging support at a conference in Cardiff.
The aim is to bring 3,000 advocates together for a conference later this year – with more backers in the years ahead.
And three Welsh Government ministers – Ken Skates (economy) Julie James (science and skills) and Kirsty Williams (education) – have also pledged their support, which will now filter down into how their respective departments interact with the other stakeholders.
The Welsh Government, as one of the movement’s key stakeholders, will also support BeTheSpark by matching private sector sponsorship and the secondment of a Welsh Government official.
Ms Thompson said: “I have worked for NatWest for 28 years in a variety of roles, and my time leading the Entrepreneurial Spark hub in Cardiff has been one of the most rewarding as it has allowed me to draw on my passion for entrepreneurship and innovation.
“Wales has a vibrant and expanding entrepreneurial economy, and the ecosystem which supports it is already strong. BeTheSpark is the natural next step in the evolution of this support structure and will bring together a network of individuals and organisations who can harness the energy and talent which is already here and take it to the next level.”