Thousands of pounds worth of sales have been generated by companies in south east Wales thanks to a Welsh Government funding programme designed to help future proof businesses.
Thousands of pounds worth of sales have been generated by companies in south east Wales thanks to a Welsh Government funding programme designed to help future proof businesses.
The Welsh Government’s Business Productivity Enhancement Project was launched in 2020 through the Tech Valleys programme, in collaboration with the Welsh Government’s European-funded SMART Innovation programme.
The Welsh Government has continued its support for productivity improvements, digital manufacturing, product design, intellectual property and research and development, initially through a free productivity and design diagnostic report and the SMART Flexible Innovation Support scheme (SFIS). The grant can be used by a company to implement recommendations received in their diagnostic report.
The aim of the project is to encourage and enable businesses to future-proof by improving efficiency through introducing new technology, diversifying their customer bases, and developing new products. Additionally, it aims to increase the security of employees and the quality of their employment, through raising skill levels and wages. All applicants are required to meet the requirements of the Welsh Government’s Economic Contract, aimed at driving fair work, inclusive growth and responsible business behaviours.
Since its launch, the Tech Valleys Business Productivity Enhancement Project has supported 12 companies across Blaenau Gwent, JC Mouldings, Advanced Moulds Ltd, Express Contract Drying, Swan EMS, IP Site Solutions, Radical Materials, PHH Ltd, Equi-Jewell, Clam’s Cakes, Copner Biotech, Pulse Plastics and Base Handling Products.
As a result, the project has been extended to across, Bridgend, Caerphilly, Torfaen and Rhondda Cynon Taf and to-date 53 companies have received a productivity and design diagnostic and decided to implement recommendations with the aid of a BPEP grant.
An evaluation of the first cohort of recipients indicates that funding of over £170,000 has helped companies increase their sales by £1.6 million collectively with 83% reporting an increase in productivity.
Advanced Moulds Limited based in Rassau, Ebbw Vale, used the funding to build and equip a new design studio, which has allowed the company to bring the design function in-house, creating three new jobs for designers.
The company’s Managing Director, Geraint Griffiths said:
As a carbon neutral company, employing 92 people, the Business Productivity Enhancement Programme Grant helped us to set up and equip a brand-new Design Studio for which three new designers have been recruited. This has enabled us to bring design in house for the first time.
“We have also used the grant to purchase a very large high specification Computer Numerical Control machine which will facilitate the production of both new kinds of products, and the use of new materials. This has led to continuous growth of sales of new and existing products. This significant investment has enabled us to continue to keep on growing the company in all aspects including production, employment and profitability.
The Minister for Economy Vaughan Gething said:
We are committed to supporting our businesses to thrive, creating good quality jobs in our communities.
“The Business Productivity Enhancement Project has clearly made a real difference to companies, helping them diversify, improve and grow. We are now working with even more companies in the region to expand this support further, helping create jobs of the future and build a stronger, fairer and greener economy.”