Accelerating the advent of a smarter new world
Anew accelerator programme aimed at start-up businesses working in the internet of things (IoT) sector will be launched in Wales today.
The Internet of Things Accelerator Wales (IoTA Wales) is the first such programme of its kind in Wales.
It is a collaborative initiative jointly created by Innovation Point, The Accelerator Network (TAN), Barclays Eagle Labs, Inspire Wales and the Development Bank of Wales.
The internet of things connects devices, systems and services over the internet, enabling them to collect, share, analyse and act on data.
This includes objects ranging from phones and fridges to wearable tech and medical devices, enabling smarter homes, cities and transport to become a reality.
The 12-week IoTA Wales programme aims to identify and support Wales’ next big IoT businesses in key areas such as cyber security, energy, manufacturing, education and agriculture.
It will accept 10 promising businesses who will receive a £50,000 investment for a 10% equity stake in the enterprise, as well as access to world-class facilities, academic expertise and free creative office space to promote intensive growth.
Economy Secretary Ken Skates said: “Digital technology is developing at lightning speeds, and the internet of things focuses that change on how we live and conduct business.
“The connection of smart devices and the analysis of the data they generate will help us to improve service delivery, productivity and resource efficiency in Wales.”
Businesses from across the UK can apply to be on the programme, but those from outside of Wales must be willing to relocate.
Alexandra Deschamps-Sonsino, director of IoT consultancy Designswarm, who has been described as one of the world’s leading IoT experts, said Wales has a competitive advantage over London which it needs to capitalise on.
She said: “You can make a profitable business in this space by manufacturing just 5,000 pieces, and through the production of the Raspberry Pi, Wales has the manufacturing capability which we just don’t have in London. That bit is potential- ly the hardest piece of the jigsaw.”
David Warrender, CEO of Innovation Point which is delivering the programme, said: “Launching the nation’s first IoT accelerator programme here in Wales is no mean feat and is yet another example of the country’s growing role in the digital revolution.
“The programme will have an intense focus on IoT security-related devices and applications, providing high-potential applicants with access to a globally proven network of business mentors, high-calibre partners and potential investors – all critical components of accelerated success.”
Major organisations already signed up as delivery partners on the programme include Sony, Airbus, Cardiff University, Group Endeavr Wales, Sorensen, Business Wales, TechUK, Pinnacl and RS Labs.
Ian Merricks, chair of The Accelerator Network, said: “The appetite amongst tech entrepreneurs has never been greater, with the number of individuals turning their business idea into a reality growing year on year – yet still 50% of all start-ups in the UK fail within the first five years.
“The IoTA Wales is responding to this through an intensive-growth programme that is specifically designed to help make the IoT startup journey a shorter and more successful one.”
Businesses selected to be part of the start-up cohort will benefit from free creative office space at the Barclays Eagle Lab in central Cardiff.
Steven Robert, head of strategic transformation at Barclays Eagle Labs, said: “As well as providing an inclusive environment that fosters innovation and promotes shared growth, businesses will have access to a ‘Maker’s Lab’ set-up, plus support staff and structured support programmes to help with the rapid development of IoT prototypes.
“As ideas and products progress, businesses will also benefit from access to additional state-of-the-art IoT labs at Cardiff University, which is making an in-kind contribution that includes academic expertise.”
Dr Carl Griffiths, technology seed fund manager at the Development Bank of Wales, added: “IOT is not about how we do things in the now but how we’ll be doing things in the future. This partnership is a great opportunity to work with those companies who will be shaping our future world. With our colleagues, we’ll be supporting entrepreneurs creating a new smart world. ”