An independent report says that Wales’s largest innovation centre — Welsh ICE — has generated a £53 million benefit to the Welsh economy since its launch in 2012, surpassing its original projection of £36.3 million (a similar report in 2015 found that the campus had generated a £13.8 million GVA benefit to the Welsh economy).

The report — completed by social and economic research company Wavehill — looked at the number of full-time equivalent (FTE) jobs created by businesses at ICE, as well as analysing surveys and interviews conducted amongst ICE members.

Councillor Sean Morgan, Caerphilly County Borough Council’s deputy leader, said: “The findings of this report really do demonstrate the hugely significant impact that Welsh ICE continues to have upon the economy, both locally and Wales-wide.

"I’ve had the great pleasure of visiting the centre and some of the many businesses it supports on many occasions, and I am always impressed by the level of innovation, support and passion that goes into encouraging entrepreneurship.

"We’re extremely proud that Welsh ICE has chosen to call Caerphilly County Borough home, and I have no doubt that this success will continue for many years to come.”

Jamie McGowan, campus director at Welsh ICE (www.welshice.org), said: “The findings of this report are a testament to the hard work of all the business owners, staff and entrepreneurs based on campus.

"Simply put, the ICE model shows that if you build an environment that inspires community and gives start-up businesses the right funding and support, they will thrive and create the jobs that have a wider economic benefit.

“Success through collaboration was the mission of the ICE’s founders, and I am proud that we continue to build on that legacy.

“We are always looking to reach out to those who have started a business or are thinking about making that leap.

“The spirit of collaboration and support at ICE is a testament to how welcoming the community is, and we would encourage budding entrepreneurs to put their business ideas on paper and contact us.

“With the guidance and support of the ICE campus, it really is possible to grow a business of your own.”