‘Wales’ tech sector is destined for great things in the future...’
David Warrender, chief of Wales’ digital growth agency Innovation Point, discusses the Welsh tech sector and its future potential
WALES’ tech sector is alive, exciting and showing signs of great things to come across many technology fields.
We have established a strong foothold in the fintech space, with the presence of large corporate organisations such as Admiral, GoCompare and Moneysupermarket having far-reaching impact.
A number of disruptive start-ups have made their home here and are beginning to scale at pace – artificial intelligence software firm Amplyfi, investment experts Wealthify and IT transformation specialists DevOpsGroup being prime examples.
Wales is the place to incubate ideas and put tomorrow’s tech mavericks in touch with opportunities for growth.
Young businesses here can capitalise on an infrastructure that includes tech hubs, incubator spaces and accelerators.
They have access to talent – south Wales in particular has an abundance of tech and software graduates, with Cardiff University leading the way with its National Software Academy and emerging institutions such as Cardiff Metropolitan demonstrating real ambition.
The standard of living here is high and typically at a lower cost than competing cities in the UK.
There is a supportive community and accessible government support schemes which create multiple opportunities to raise finance for growth.
And in some more specific fields, Wales is thriving.
We could become a global leader in the compound semiconductor industry, with the world’s first-ever cluster for the technology being established here and making significant contributions to megatrends like 5G, autonomous electric transport and the Internet of Things.
Our activity in the cyber security field has been recognised on a global stage, with Cyber Wales being one of the 14 founding members of GlobalEPIC – the global ecosystem of ecosystems partnership in innovation and cyber security.
Regional heavyweight Airbus Space & Defence alongside specialist Alert Logic add scale and impact to the cyber story.
There are various ways Wales can build on its growing tech scene and capitalise on the opportunities it presents.
By encouraging the development of and collaboration within our tech community, we can help support emerging entrepreneurs and young technologists. Our wireless infrastructure, combined with rural and urban areas and a mixed topography, enables us to build a strong case for bringing pioneering 5G testbeds to Wales.
And the agility with which the devolved Welsh Government and other local government organisations can move to make decisions makes Wales a playground for the creation of new products and services.
For Wales, the future is bright. However there are challenges to safeguarding the growth and prosperity of the tech sector.
We need to continue supporting young businesses to access expertise and secure the finance they need for growth.
This will create new opportunities and attract external investment, while also helping Wales protect and retain its digitally skilled workforce in the long term.
Wales also has a fantastic opportunity to target some serious investment at the tech sector.
With two recent City Deals in Swansea Bay and the Cardiff Capital regions, combined with Welsh Governmentfunded programmes such as Tech Valleys, there is some serious capital investment which will be deployed over the next few years with potential to introduce a step-change in the Welsh tech economy.