UK opto-electronics companies are being enticed to Wales via a high profile business competition, aimed at driving the country's knowledge economy. The winner of the Technium Challenge 2010, will receive free office space for a year within one of Wales' 12 world-class business incubation centres, known as the Technium Network as well as a £30,000 business support package funded by the Welsh Assembly Government and European Union.
Businesses and entrepreneurs are being urged to enter the competition, which is open to technology or knowledge-based early stage businesses (maximum two years trading) that can demonstrate a patentable idea within a strong R&D element.The first step for companies interested is to complete a brief application form that can be found at www.technium.co.uk/challenge before 1 April.
Deputy First Minister for Wales, Ieuan Wyn Jones, said: 'This year's competition will add tremendous value to any company that wants to tap into their desired marketplace. The winning company will not only get a free office space for a year, but will be supported until they can stand on their own in this highly competitive business environment, which is crucial to any company that are just starting out.
'Technium is an idea that was born in Wales, but is now recognised across the world as a model for incubating companies, something of which we can be very proud. Bringing together like-minded talents from similar markets across the world under one roof is reaping rewards and is proving to be a true catalyst for progress and prosperity.'
The winners of the third annual competition will also have the opportunity to establish relationships with Technium's academic links, professional service providers and public sector/government networks to further accelerate their growth.