INVESTING IN INNOVATION - MORE THAN JUST AN IDEA!

I have enough friends who have set up their own businesses to know how traumatic a process it can be when it comes to making that idea grow. We really need to invest in innovation if we want our communities and our country to benefit from real sustainable economic development. Plaid has already called for a substantial investment programme to address the climate crisis and to generate sustainable green jobs across Wales.

The Welsh Assembly Government’s Green jobs Strategy is a welcome step in the right direction but clearly more needs to be done. The National Assembly needs to have the power to vary business taxes in order to help boost our businesses, as well as encourage investment in skills and the tools of their businesses and their workers.

I firmly believe that Wales is a nation of aspiring entrepreneurs and to encourage and enable them, our communities and our economy to flourish we need to encourage the development of community owned social enterprises. The Rowlands review into the provision of growth capital was most welcome; it recognised that an economical vibrant SME sector is vital for economic growth. There has been a lack of provision for companies in Wales who are looking for between £2 and £10 million pounds in capital, this has to change if we are to encourage sustainable economic growth and development.

It’s pretty clear that the present financial market and its institutions have failed over recent years to supply sufficient venture capital for the SME sector in Wales. We need a venture capital fund for Wales, which should be established by, but independent of the Welsh Assembly Government. Such an independent venture capital fund could raise capital and deliver investment through a co-investment model, with approved private sector partners to our SME sector, where such investment would make a real difference.

More of the same old twaddle from Whitehall and Cathays won't do at all, vastly expensive one egg, one basket schemes to generate the seemingly standard 6,000 jobs, just won't do. And speaking of twaddle that's all we have been offered by the London based political parties, its time to think different, its time to think Plaid.