Shining a spotlight on Wales’s thriving tech ecosystem
Thursday 07 July, 2023. London. The Welsh Tech Showcase sponsored by Ogi takes place in The Shard, London on 14th June and serves as a platform to celebrate the achievements and potential within Wales’s tech sector. The event is set to build upon insights from a comprehensive report created by The Coalition for a Digital Economy (Coadec), supported by Tramshed Tech earlier this year.
The Coadec report outlines Wales’s steady growth as a desirable place to start and scale a business and Beauhurst’s comprehensive study of Welsh investment activity between 2011 and 2020 identified 1,215 high growth companies in Wales, which raised £882m across 1,201 deals over the last ten years.
Technology is the dominant sector for high growth companies in Wales, representing 28 per cent. The country has emerged as a significant hub for software-as-a-service companies, with SaaS startups and scaleups raising over £145m since 2011. In 2022, the Welsh Government’s Trade and Invest Wales initiative estimated that the total value of the Welsh tech sector was £8.2bn, with the country leading in several tech sectors that are growing in importance, including Compound Semiconductors, Cyber and Fintech.
Compound Semiconductors are front runners in the Welsh tech ecosystem, providing essential components to the development of both every day and next generation tech including smartphones, 5G technology, satellites, internet of things and robotics. In 2015, the Welsh Government provided £12m in investment to develop a compound semiconductor cluster, which proved to be incredibly successful with Wales now leading in a technology projected to be worth £230bn by 2024.
FinTech and Cyber are also successful and lucrative sectors in Wales – home to market leading FinTech brands such as Confused.com, Compare the Market and Admiral as well as now hosting a new £9.5m Cyber Innovation Hub for Wales which Tramshed Tech is a partner, to support Wales in becoming a global leader in cyber security.
Connectivity was highlighted as a challenge within the report stating that Wales’s startup ecosystem is well positioned to capitalise on its beautiful landscapes and a low cost of living – as long as Wales focused on improving connectivity. The North and South of the country need to be better connected with problems highlighted in both transportation and internet access, leaving founders feeling isolated.
Wales’s leading alternative network provider, Ogi will be hosting a Connectivity panel at The Welsh Tech Showcase alongside Phil Siveter, CEO, Nokia UK & Ireland to address the connectivity challenges across the country and discuss opportunities that can be unlocked by improved connectivity.
Earlier this year, Ogi deployed Nokia’s next generation 25G Passive Optical Network (PON) fibre technology to Tramshed Tech in Cardiff bringing 25 Gbps connectivity to the city’s tech incubator. In the first commercial deployment of its kind in the UK, engineers at Ogi upgraded the tech hub’s ecosystem with the latest technology from the Finnish telecoms giant, more than doubling the bandwidth capabilities for business users at the site.
Sally-Anne Skinner, Ogi’s Chief Revenue Officer, said: “Wales already has a thriving digital ecosystem, with entrepreneurs, founders and innovators stretching the idea of the possible around every corner, bringing new investment, jobs and sectors to the country. At Ogi, we’re excited to be playing our part, by bringing next-generation connectivity – the very foundation of this new digital age – to Welsh homes and businesses. The digital revolution is here in our cities, towns and villages, and we’re ready to power it up.”
Mark John, Tramshed Tech Co-Founder and Director added: “We were happy to play a supporting role in Coadec’s report, and we see the Welsh Tech Showcase as a continuation of the topics highlighted in the report. Wales is well positioned for a bright future if barriers to growth are addressed. We hope that this event will provide a platform to discuss challenges, opportunities and trends as well as bring key players in the ecosystem together to connect and collaborate.”