NatWest Cymru Research Identifies 160 Welsh Businesses with Untapped Innovation Potential

NatWest Cymru research identifies 160 Welsh businesses with untapped innovation potential

New research from NatWest Cymru has identified 160 innovative businesses across Wales with significant potential to drive future economic growth, create skilled jobs and attract investment.

The findings, published in NatWest’s *From Innovation to Impact* report, highlight an opportunity to help more Welsh businesses translate innovation into commercial growth.

NatWest Cymru describes the 160 companies as an “untapped innovation cohort” – active innovative businesses that have yet to secure follow-on investment, achieve an exit or demonstrate a recognised scale-up signal.

The research found that Wales is home to 878 innovative businesses, with 404 having received public innovation grant funding.

Of those grant-backed businesses, 106 – or 26.2% – have secured follow-on equity investment, while 47 – 11.6% – have achieved an acquisition or another successful exit.

Welsh grant-backed businesses have collectively attracted more than £1.28 billion in follow-on equity investment.

The research also highlights Wales’ university innovation pipeline, with 201 spinout companies emerging from Welsh universities.

## FinTech Wales member Final Rentals highlighted

Among the Welsh businesses featured in the research is FinTech Wales member Final Rentals, the Cardiff-based travel technology company which has grown from a Welsh start-up into an international business operating in more than 65 countries.

Final Rentals joined the NatWest Accelerator in Cardiff during a key stage of its growth and has subsequently expanded internationally.

The company also became the first business in Wales to secure a NatWest IP-backed loan, supported by intellectual property valuation specialist Inngot, which helped NatWest develop the IP loan offering.

Final Rentals continues to invest in innovation, intellectual property and new technology as it expands into new global markets.

Ammar Akhtar, Founder and CEO of Final Rentals, said:

“What started as an idea in Cardiff has grown into a global business, and NatWest has been part of that journey from an early stage.

“When I joined the NatWest Accelerator, we were focused on how to take the business to the next level. Today, we’re operating in more than 65 countries and continuing to grow internationally.

“The support we’ve received has helped us invest in innovation, expand into new markets and continue developing technology here in Wales that will support our future growth.”

## Supporting Welsh businesses to scale

Businesses interviewed for the research said finance alone is not enough to enable growth. Access to customers, commercial expertise, leadership support, routes to market and strong innovation networks were also identified as important factors in helping innovative businesses scale successfully.

Siwan Rees, Manager for NatWest Cymru Accelerator, said:

“Wales has all the ingredients needed to be a leader in innovation, from world-class universities and research institutions to strengths in advanced manufacturing, semiconductors, life sciences and clean energy.

“Businesses like Final Rentals show what can happen when innovative Welsh companies are given access to the right support and funding at the right time. As the first business in Wales to secure a NatWest High IP-backed loan, Final Rentals demonstrates how innovative businesses can access growth capital without necessarily diluting ownership, helping them invest, recruit and expand more quickly.

“Too often, businesses with ambitious growth plans can find their progress constrained by limited access to capital. Through Venture Banking and innovative funding solutions, we’re providing more options for high-growth businesses to unlock investment, commercialise new ideas and accelerate their growth journeys.

“What this research highlights is the opportunity to help more businesses follow a similar path, turning great ideas into commercial success. We have identified 160 businesses that are already innovating and growing. By helping these firms access the finance, expertise and networks they need to scale, Wales has an opportunity to create skilled jobs, attract further investment and drive the next chapter of economic growth.”

The analysis was conducted by Beauhurst on behalf of NatWest and is based on 12,381 UK companies that have received at least one publicly disclosed innovation grant since 2011, including Innovate UK funding.

Read NatWest Cymru’s *From Innovation to Impact: Wales* report