Innovation centre brings £53m to Welsh economy
THE innovation centre Welsh ICE has generated a £53m benefit to the Welsh economy An independent report has found that, since its launch in 2012, Welsh ICE has surpassed its original projection of £36.3m from a similar report in 2015.
The 2015 report, which was the first to measure and predict ICE’s impact since launching in 2012, found that the campus had generated a £13.8m GVA benefit to the Welsh economy.
It was also predicted that if the campus continued performing as it had done, it would go on to generate a further £36.3m, with a possible additional £13.9m if future job estimates were realised.
However, the figures from the 2018 report states that, based on the number of jobs created by current ICE members and graduated businesses, Welsh ICE has a current net gross value added (GVA) benefit to the Welsh economy of £53m across its six years.
With funding from investors including the Welsh Government, approximately every £1 invested in ICE businesses has resulted in a £22 benefit to the Welsh economy.
The report, completed by social and economic research company Wavehill, looked at the number of full-time equivalent (FTE) jobs created by businesses at ICE, as well as analysing surveys and interviews conducted among ICE members.
Caerphilly County Borough Council’s deputy leader and cabinet member with responsibility for economy, Councillor Sean Morgan said: “The findings of this report really do demonstrate the hugely significant impact that Welsh ICE continues to have upon the economy, both locally and Wales-wide.
“I’ve had the great pleasure of visiting the centre and some of the many businesses it supports on many occasions, and am always impressed by the level of innovation, support and passion that goes into encouraging entrepreneurship.
“We’re extremely proud that Welsh ICE has chosen to call Caerphilly County Borough home, and I have no doubt that this success will continue for many years to come”.
The report also found ICE businesses had a 77% three-year survival rate compared to the UK average of 61%, and 74% of ICE members had developed formal agreements with each other, fostering natural referrals.
Jamie McGowan, campus director at Welsh ICE, said: “The findings of this report are a testament to the hard work of all the business-owners, staff and entrepreneurs based on campus. Simply put, the ICE model works and shows that if you build an environment that inspires community and gives start-up businesses the right funding and support, they will thrive and create the jobs that have a wider economic benefit.
“Success through collaboration was the mission of ICE founders Anthony and William Record, Gareth Jones and Mandy Weston, and I am proud that we continue to build on that legacy.”
Looking to the future, the report finds that if the net GVA persists for a further three years, then in 2021 Welsh ICE should achieve a cumulative net GVA benefit of £70m-plus towards the Welsh economy.