Wales opens up a Knowledge Bank for business with 14 million funding

The £14m KB4B is a top-ten manifesto commitment of the Welsh Assembly Government. Designed in consultation with the private sector, KB4B aims to provide tailored and focused support for high growth companies across a range of sectors in Wales. The focus on high growth companies - the Microsofts' of tomorrow - should have a substantial impact on the future prosperity of Wales. It's a bold claim, but the concept has worked well elsewhere.

The KB4B team will initially work with 50 high-growth companies across Wales providing focused consultancy advice, finance and training to support these companies in fulfilling their future growth potential. Each KB4B company will be provided with a Commercial Manager, who will act as a single point of contact with responsibilty for ensuring these companies require the best level of service available from across the public or private sectors.

Launching the KB4B at Cardiff-based IQE, one of the world's leading semiconductor companies, Andrew Davies said: ''KB4B is a radical new approach to developing high growth companies in Wales and is based on a collaborative approach which will set the standard for public sector support following the merger of the ASPBs with the Assembly Government.

"KB4B will provide tailored support to businesses with high growth potential, creating a flexible and seamless interface between these companies and resources and expertise from across the public and private sectors.

"Thirty years ago today Microsoft employed just 3 people. Today, it is one of the biggest companies in the world. Wales is already fast becoming the best place to start a business, the best place to grow a business and the best place to see that business prosper. The KB4B will play a major role in supporting Welsh companies with the potential to develop into international organisations, with a substantial impact on the future prosperity of our economy."

KB4B has identified 50 companies to work with on a pathfinder basis during its first year of operation. These companies were proposed by professional service firms in Wales, the Welsh Assembly Government's Trade & Invest Wales team and the WDA. Even if 48 of the companies burn out, there's a good chance of the other two becoming major growth successes.

Selection based on SMEs with the energy to double turnover within a three to four year timeframe, and with a minimum turnover of £3 million, and larger businesses having significant growth prospects with local technology/design / management capabilities.

Ongoing research and evaluation will be undertaken to help improve the identification of clients where intervention is likely to generate an economic benefit, with a view to enlarging the KB4B client group

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