We know that the traditional source of much of Wales’s investment in research and development—the former EU structural funds—is no more. We know that we will have less money to invest, and less control over how it is invested. Engagement with the EU over the Horizon Europe programme remains unresolved. But we do have positive relationships with EU regions through our ongoing involvement with networks like the Vanguard Initiative with European regional governments. A strategy that is genuinely collaborative and points the way to a different approach is needed now more than ever. So, we are adopting a mission-based approach, which will require recognition and discipline from our stakeholders that we have to priotitise some areas of research and innovation more than others. If we recognise that we can’t support all research, we can prioritise work that is translational. But we can only succeed if all the innovation stakeholders in Wales work together in the collaborative way that we set out in the strategy.

Our four main themes of education, economy, health and well-being, climate and nature will allow us to explore cutting-edge opportunities; to enable us to compete more effectively for UK and international funding and investment; to focus on our evidence-based areas of strength, and to make a contribution for Wales that also adds to the stated UK vision for innovation. Our strategy makes a firm commitment to driving up investment from the UK Government and beyond, which is even more crucial in the world of post-EU funding. I look forward to working with UK innovation agencies, where we have shared ambitions, and to seeing their stated intention made real to significantly increase research, development and innovation investment outside the south-east of England.

We will also have a new approach to funding. Our innovation support will no longer be restricted to businesses and research organisations. It will be open to any established organisation wishing to engage and invest in research, development and innovation. That includes the third sector, local authorities and health boards. By supporting an innovative and entrepreneurial mindset across all sectors, we can approach problems in new ways through the eyes of different and diverse people. We call for equality, both in terms of demographic and regional investment and impact. I want all of our universities, our businesses, our public bodies, and our citizens to collaborate even more closely to create an environment that turns research questions into real-world answers, and inspires our next generation of students, scientists, researchers and entrepreneurs.

As a Government, we understand that our future is inextricably linked to the education of our young people and our ability to embrace a tech-driven entrepreneurial economy. Our new curriculum will help to nurture entrepreneurial skills within our children and young people throughout their educational journey. We can harness the talent, enthusiasm and incredible potential of our young people who, in the future, will not only contribute to the Welsh economy, but will make a real impact with and for people’s lives. We’ll also invest in skills within our workforce, in digital, to service the latest industrial revolution, and in net zero skills. Our plans for these are set out in the net zero skills plan. Embedding net zero skills, in partnership with our industry bodies and delivery organisations, is key to delivering against our climate and nature mission.

Tackling climate change and protecting nature should be at the forefront of our choices in all areas. We need innovation to transform the food, energy and transportation systems in Wales. We also need innovation in other areas to be carried out in a carbon-neutral and resource-efficient way. We’ll require organisations receiving support to measure and understand their impact, and we’ll look to help them on that journey. We will use innovation as a tool to improve our health and care services, prioritising action to help further tackle delayed transfers of care, improve provision across primary, community, emergency and planned care, as well as in cancer and mental health services.

I’m pleased that our vision for innovation will now turn to further action. These will shortly be pulled together in a practical delivery plan. This will be a living document, setting out specific goals, actions, milestones, and it will be monitored and refined to measure impact. In an ever-changing funding landscape, we’ll need to revisit our progress and keep an open mind for what we hope will be different and better opportunities. This strategy is an exemplar of how the Welsh Government’s approach to innovation can benefit the people, environment and businesses of Wales. I look forward to reporting to Members on progress.