The ‘Internet of Things Accelerator Wales’ (IoTA Wales) has recently been launched and is looking for businesses working in the areas of cyber security, energy, manufacturing, education, and agricultural from outside Wales to apply. The 12-week program will accept ten start-ups who will receive £50,000 investment for 10% equity, as well as access to academic expertise and free office space in central Cardiff. IoTA Wales was created by The Accelerator Network, Innovation Point, Barclays Eagle Labs, Inspire Wales, and the Development Bank of Wales.
Ian Merricks, chair of The Accelerator Network, said: “The appetite amongst tech entrepreneurs has never been greater, with the number of individuals turning their business idea into a reality growing year on year – yet still 50% of all start-ups in the UK fail within the first five years. The IoTA Wales is responding to this through an intensive-growth programme that is specifically designed to help make the IoT start-up journey a shorter and more successful one.”
Partners of the program include Sony, Airbus, Cardiff University, Group Endeavr Wales, Sorensen, Business Wales, TechUK, Pinnacl and RS Labs.
David Warrender, chief executive of Innovation Point, said: “Launching the nation’s first IoT accelerator programme here in Wales is no mean feat, and is yet another example of the country’s growing role in the digital revolution. The programme will have an intense focus on IoT security related devices and applications, providing high-potential applicants with access to a globally proven network of business mentors, high calibre partners and potential investors – all critical components of accelerated success.”
Ken Skates, the Welsh economy secretary, said that the launch of the IoT accelerator was intended to encourage the development of Wales’s tech sector.