Technium
Encyclopedia
Technium is the brand name of a business incubation
scheme in Wales
. The scheme provides tenants with office space, business support, fast telecom links and venture finance.
The concept was originally developed by a partnership between Swansea University
and the Welsh Development Agency
(WDA), which built an Innovation Centre at the university in 1986. The project led to the construction of the first Technium building, a purpose-built £2m facility to house general technology at Prince of Wales Dock
, Swansea
, opened in 2001. In October 2001, the WDA decided to build five more Technium centres across Wales in an effort to spur innovation in the Welsh economy
. In 2003, a £150m expansion of the Technium programme was a key part of the Welsh Assembly Government
's three-year Innovation Action Plan.
The Technium programme's attempt to develop indigenous businesses was described as radically different to the WDA's previous inward investment
strategy, which sought to attract foreign employers to Wales. However, critics have argued that the scheme is over-ambitious, with too many incubator spaces than can be filled by local academic entrepreneurship
, and focuses on property development and leasing space, rather than management assistance for new ventures.
A 2009 report on the Technium initiative by DTZ showed that since the first Technium was opened, 151 tenant companies had been accommodated. Eighty-two were still in residence, 38 had moved to other locations and 22 had failed. The Western Mail argued that the scheme's performance had been "mixed at best... the tenants have created nearly 1,000 jobs, but surely they would have been created anyway and found suitable accommodation from private sector landlords."
In November 2010 following a substantial review process, it was announced by the Welsh Assembly Government that six Technium centres were to be removed from the network - Pembrokeshire, Aberystwyth, Bangor (CAST), Pencoed (SONY), Baglan and Llanelli.
Current Technium Centres:
Business incubator
Business incubators are programs designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts...
scheme in Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
. The scheme provides tenants with office space, business support, fast telecom links and venture finance.
The concept was originally developed by a partnership between Swansea University
Swansea University
Swansea University is a university located in Swansea, Wales, United Kingdom. Swansea University was chartered as University College of Swansea in 1920, as the fourth college of the University of Wales. In 1996, it changed its name to the University of Wales Swansea following structural changes...
and the Welsh Development Agency
Welsh Development Agency
The Welsh Development Agency was a QUANGO and later an Assembly Sponsored Public Body established in 1976 to encourage business development and investment in Wales, to clear derelict land and to encourage growth of local businesses...
(WDA), which built an Innovation Centre at the university in 1986. The project led to the construction of the first Technium building, a purpose-built £2m facility to house general technology at Prince of Wales Dock
Swansea docks
Swansea Docks is the collective name for several docks in Swansea, Wales. The Swansea docks are located immediately south east of Swansea city centre. In the mid-19th century the port was exporting 60% of the world's copper from factories situated in the Tawe valley...
, Swansea
Swansea
Swansea is a coastal city and county in Wales. Swansea is in the historic county boundaries of Glamorgan. Situated on the sandy South West Wales coast, the county area includes the Gower Peninsula and the Lliw uplands...
, opened in 2001. In October 2001, the WDA decided to build five more Technium centres across Wales in an effort to spur innovation in the Welsh economy
Economy of Wales
The Economy of Wales. In 2010, according to ONS provisional data, headline gross value added in Wales was £44,517m, making the Welsh economy the tenth largest of the UK's twelve regions ahead of only Northern Ireland and the North East of England...
. In 2003, a £150m expansion of the Technium programme was a key part of the Welsh Assembly Government
Welsh Assembly Government
The Welsh Government is the devolved government of Wales. It is accountable to the National Assembly for Wales, the legislature which represents the interests of the people of Wales and makes laws for Wales...
's three-year Innovation Action Plan.
The Technium programme's attempt to develop indigenous businesses was described as radically different to the WDA's previous inward investment
Inward investment
Inward investment is the injection of money from an external source into a region, in order to purchase capital goods for a branch of a corporation to locate or develop its presence in the region....
strategy, which sought to attract foreign employers to Wales. However, critics have argued that the scheme is over-ambitious, with too many incubator spaces than can be filled by local academic entrepreneurship
Entrepreneurship
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
, and focuses on property development and leasing space, rather than management assistance for new ventures.
A 2009 report on the Technium initiative by DTZ showed that since the first Technium was opened, 151 tenant companies had been accommodated. Eighty-two were still in residence, 38 had moved to other locations and 22 had failed. The Western Mail argued that the scheme's performance had been "mixed at best... the tenants have created nearly 1,000 jobs, but surely they would have been created anyway and found suitable accommodation from private sector landlords."
In November 2010 following a substantial review process, it was announced by the Welsh Assembly Government that six Technium centres were to be removed from the network - Pembrokeshire, Aberystwyth, Bangor (CAST), Pencoed (SONY), Baglan and Llanelli.
Current Technium Centres:
- Technium Digital, Swansea UniversitySwansea UniversitySwansea University is a university located in Swansea, Wales, United Kingdom. Swansea University was chartered as University College of Swansea in 1920, as the fourth college of the University of Wales. In 1996, it changed its name to the University of Wales Swansea following structural changes...
- Technium OpTIC, St AsaphSt AsaphSt Asaph is a town and community on the River Elwy in Denbighshire, Wales. In the 2001 Census it had a population of 3,491.The town of St Asaph is surrounded by countryside and views of the Vale of Clwyd. It is situated close to a number of busy coastal towns such as Rhyl, Prestatyn, Abergele,...
- Technium Swansea, SwanseaSwanseaSwansea is a coastal city and county in Wales. Swansea is in the historic county boundaries of Glamorgan. Situated on the sandy South West Wales coast, the county area includes the Gower Peninsula and the Lliw uplands...
- Technium Springboard, CwmbranCwmbranCwmbrân is a new town in Wales. Today forming part of the county borough of Torfaen and lying within the historic boundaries of Monmouthshire, Cwmbrân was established in 1949 to provide new employment opportunities in the south eastern portion of the South Wales Coalfield. Cwmbrân means Crow...