5. Debate: Entrepreneurship: A National Imperative

Part of the debate – in the Senedd at 3:57 pm on 28 November 2017.

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Photo of Ken Skates Ken Skates Labour 3:57, 28 November 2017

I'm delighted to hear the change of heart by the Welsh Conservatives concerning the Be The Spark initiative. The change of approach has gone from one of objection in the summer to now applauding the work of all of the stakeholders in Be The Spark, and I'm delighted that one of my most senior officials is indeed a founding member of the Be The Spark team here in Wales.

I was sorry I was unable to be at the particular event that the Member highlights. I, with my colleague Lesley Griffiths, that evening travelled back to north Wales because of the tragic circumstances that we faced, but I am utterly committed, as are my officials, to playing a very active role in ensuring that Welsh Government contributes to what must be a cultural change in the way that we approach entrepreneurship and innovation-driven entrepreneurship. Indeed, I've been insistent on maintaining the Be The Spark initiative across all stakeholder groups, with Welsh Government taking the leadership role. We have faced, in the past, some criticism for taking this initiative forward, but I do believe that the event that the Member points to is another example of the success of this particular programme.

We'll be seeing in the months to come the number of mentors and the number of people pledging support to Be The Spark increasing still further, with valuable opportunities for networking to take place. I'm pleased today to say that, in complementing the Business Wales service and to complement the Be The Spark event that took place very recently, I've announced more than £5 million for new activity to support entrepreneurship in Wales. This includes £1 million of funding to establish a pathfinder project to encourage regional, community-based entrepreneurship, and the initiative will focus on engaging with disadvantaged individuals at a community level in specific locations across Wales, following an approach that is flexible and responsive to local, regional and spatial needs, including the new economic regions and the Valleys task force.

Recognising the importance of space and supporting our commitment to taking Wales forward through procurement, an additional £4 million has been allocated to support the establishment of another four enterprise hubs across Wales. These hubs will be located to fill areas of market failure, working hand in glove with incubators from the private and academic sectors so that, wherever you live, you can access incubation. This is in addition to the £1 million of funding I previously announced to establish a new business hub in Wrexham.

Deputy Presiding Officer, growing businesses also need, of course, access to growth capital, and the recent launch of the Development Bank of Wales is an important core component of the Government's economic policy and delivery. The development bank is a key tool to address this issue. Business Wales and the Development Bank of Wales have an agreed operational plan in place to better align the services offered, with a clear aim of benefiting the customer. This will enable us to provide a seamless mix of expert advice and support alongside affordable finance exactly when it is needed.

I want to continue to develop the scope and role for the development bank supporting SMEs and entrepreneurs, including considering innovative finance solutions. In addition, my officials are exploring options for closer alignment in joint working between Business Wales and Careers Wales. Securing closer integration between the two services has the potential to better connect the delivery of business support and employer engagement with the education, economy and skills system, and a more streamlined approach to services for our customers.

We want to ensure that entrepreneurship is part of the suite of options made available to young people. This will build on our ambitions of the new curriculum to encourage ambitious, creative and enterprising contributors. We need to make the right connections to nurture the talent of our pupils and students and to support their interest for business through Big Ideas Wales.

Finally, we need to ensure that we continue to provide entrepreneurs and SMEs in Wales with the appropriate environment and the appropriate support at the right time to enable them to create better jobs and support investment in the Welsh economy. Deputy Presiding Officer, I'm keen to hear Members' views about how we can support this agenda together, going forward.