5. Debate: Entrepreneurship: A National Imperative

Part of the debate – in the Senedd at 3:47 pm on 28 November 2017.

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Photo of Ken Skates Ken Skates Labour 3:47, 28 November 2017

Thank you, Deputy Presiding Officer. I'd like to begin by thanking you for allowing me to bring forward this debate today, and to begin by positing a question: what is it, what connects the most successful and diverse economic regions around the world, from Boston to Utah, from Israel to the German Mittelstand? In my view, it's a vibrant business base; a business base driven by the twin pillars of entrepreneurship and innovation. Entrepreneurship and innovation enabled by the availability of finance; research and development; skills; infrastructure and, of course, opportunity.

As a Welsh Government, we have a very clear vision of what we want to achieve here in Wales. We want to grow our economy, and that means fostering entrepreneurship and helping businesses of all sizes to become more productive and more successful. But it has to be growth with a purpose: growth that tackles the inequalities and productivity challenges that hold our economy back; inclusive growth that spreads opportunities so that we all play a part and deliver to our full potential. That's why it's important to champion and to cherish our entrepreneurs and the benefit of entrepreneurial skills to enable growth within businesses. I recognise the success we have already achieved in this regard.

Since its launch in 2012, Business Wales—the Welsh Government's service for entrepreneurs and SMEs—has dealt with over 150,000 enquiries; it's provided advice to over 77,000 individuals and businesses; it's engaged nearly 0.25 million young people in entrepreneurship; signposted and provided information to a further 92,000 businesses; it's created over 25,000 jobs and safeguarded a further 5,000; and it has supported the creation of 12,000 new enterprises here in Wales.

I recently announced that the Business Wales accelerated growth programme since April 2015 has created over 2,300 jobs to date, and the programme has also helped participating companies attract £80 million of private sector investment and generate £38 million of exports. This highlights the potential in Wales and also the importance of a supportive ecosystem that proactively helps entrepreneurs and SMEs maximise their contribution to the Welsh economy.