A £13.5m EU-supported scheme bringing together academics, clinicians and businesses to pioneer research into cutting-edge technologies has been announced by Finance Secretary Mark Drakeford.

Led by Swansea University, AgorIP will work with the NHS and industrial collaborators across North and West Wales and the South Wales Valleys to turn innovative research into new products, processes and services.

The project is backed by £6.7m from the Welsh Government, including support from the European Regional Development Fund and funding from Swansea University.

As part of the AgorIP project, commercial sector experts will help progress new ideas through experimental and industrial development, demonstrating proof of concept to potential funders and attracting further research investment.

AgorIP was piloted through the Welsh Government’s Academia for Business project, which was supported by the EU funding programme 2007-13. AgorIP secured £4m of private sector funding to create six spin-outs within a year. This project will build on this first phase, opening up a pipeline of untapped research and turning innovative ideas into products and services for the commercial market.

Since 2007, EU structural funds have helped nearly 73,000 people into work; helped people achieve more than 234,000 qualifications; supported the creation of nearly 12,000 businesses and created some 37,000 jobs.

Speaking to more than160 delegates at an event held at Cardiff’s SWALEC Stadium to mark the progress and achievements of EU funds in Wales, Professor Drakeford said:

“This project will support the transformation of research with the potential for commercialisation in universities and health boards.

This is another positive example of how EU funds are helping drive forward new concepts and research to grow our knowledge economy, putting Wales on a global platform.

The UK Government‘s extended guarantee – which the First Minister called for – to fund all schemes approved before the UK leaves the EU will provide continuity for Welsh communities, businesses and investors while arrangements are made for the longer term.”