Launch to create new interactive media businesses in Wales

28/03/2007

"Creativity is a core skill for the innovation economy and Insight Out Wales will help our most talented young people turn their creative ideas into creative businesses."

Designed and run as a partnership between NESTA - the National Endowment for Science Technology and the Arts - and the Welsh Assembly Government's Creative Business Wales team - it aims to set up between 15-20 businesses in this sector each year, for the next three years.

The Insight Out programme, which has been successfully running in other parts of the UK for a number of years, was developed specifically for creative graduates who want to start up a new or develop an early-stage business.

It is the first time it has been introduced to Wales and the first time in the UK that it focuses entirely on one specific sector. Insight Out Wales has been designed to take forward the Assembly Government's Creative Industries strategy, which focuses on the film, TV, music and new media sectors.

Launching the initiative, Enterprise Minister Andrew Davies said the creative industries strategy recognised the importance of the sector and its value to the economy.

"New media is growing at a rapid pace, globally. It is a highly innovative sector that embraces the latest most advanced technologies and has the potential to play an even greater role in the Welsh economy, providing high quality employment and making an important contribution to the wider creative sector.

"Insight Out Wales provides the entrepreneurs of tomorrow with the business skills needed to run or develop their own businesses. Creativity is a core skill for the innovation economy and Insight Out Wales will help our most talented young people turn their creative ideas into creative businesses."

Insight Out Wales will, over a period of seven weeks, provide around 20 individuals with business training, ranging from advice and coaching to access to start-up funding.

Businesses eligible for Insight Out Wales are those based on new media content or distribution and could be using animation, film, video, web and mobile entertainment technologies or be a range of platforms.

Jonathan Kestenbaum, Chief Executive Officer of NESTA commented: "If the creative industries are to continue to thrive, it's essential we recognise the barriers to starting up a creative business and work to remove them.

"Key to this is equipping aspiring entrepreneurs with the business skills to develop their bright ideas. Insight Out aims to do just that and we're excited to be embarking on our first official partnership with the Welsh Assembly Government to make this happen."

Marc Clement, NESTA's Trustee for Wales, said it was the first time an Insight Out programme has focused on supporting the development of start-ups in one specific discipline.

"The training provided will be tailored to the specific challenges facing new media entrepreneurs, and we hope it will have an even greater impact on the number of successful new media businesses in Wales."

For further information, please contact Shan Ekin-Wood, Operational PR Manager, Dept. Enterprise, Innovation and Networks, Welsh Assembly Government on 02920475318 or 07767486935. For more information on NESTA, contact Vicky McGuire or Nicola Kane on 0207 438 2608 or at Nicola.kane@nesta.org.uk

NESTA
NESTA is the National Endowment for Science, Technology & the Arts. With endowed funds of over £300 million, our mission is to transform the UK's capacity for innovation. We do this in three main ways: by working to build a more pervasive culture of innovation in this country; by providing innovators with access to early stage capital; and by driving forward research into innovation, with a view to influencing policy.

Insight Out
Find out more information on Insight Out.