Skip to main content

Prince of Wales Innovation Scholarships

You will excuse me for being indulgent today but having blogged on subjects as diverse as China, Bute Park and the future of the British pub during the past few weeks, I thought I would take this opportunity to describe some of the work I am developing as Director of Research and Innovation at the University of Wales.

What has become clear to an increasing number of us is that even within the most technologically advanced economies, and despite the best efforts of businesses and academia, not all of the innovation needed to drive competitive economies can be developed internally

With the growing realisation that there is a need to attract the best global talent to boost innovation potential, both the USA and mainland Europe have undertaken recruitment drives to increase postgraduate numbers from abroad by offering attractive packages to win a bigger share of this lucrative market.

In contrast, the UK is cutting scholarships to overseas students and leading academics are becoming concerned that we are not doing enough to bring in quality graduates.

Even the best British universities are falling behind the drive to attract the best academic brains. Only last year, Professor Alison Richard, the Vice-Chancellor of the University of Cambridge, suggested that the UK was not providing enough resources to recruit sufficient extraordinary people to be at the frontier of research excellence.

Of course, the problem has been even more acute within Wales and it is something that we have been actively seeking a solution to.

After months of discussion and development, the University of Wales has come up with an opportunity to address the innovation deficit, namely the Prince of Wales Innovation Scholarships.

Supported by European funding, the private sector and the university’s own cash, this £11.4m programme will bring 100 of the brightest university graduates from the world’s best academic institutions to work on research projects within Welsh companies.

To do this, each student will be offered a stipend of £20,000 a year, a research support fund of £5,000 and their tuition fees paid.

Not surprisingly, these are among the best research grants offered anywhere in the world and demonstrates our seriousness and commitment in getting the best talent to come to Wales.

The premise of the programme is simple but effective.

World class graduates will be placed for three years into Welsh businesses, working on science, technology and innovation projects that are of direct relevance to improving the capacity to develop new market-led processes, products, technologies and services and, over time, the Welsh economy.

Indeed, there may be considerable future spin-off opportunities for the Welsh economy from the programme. As the Welsh-born venture capitalist Michael Moritz said last year at a Cardiff Business Club dinner, the internet revolution led by companies such as Google, YouTube and Yahoo is testament to how young scientific talent from overseas can boost entrepreneurial potential.

In some of the most innovative regions of the world such as Silicon Valley in California, more than half of all new technology-based firms are started by non-Americans.

To achieve this, the University of Wales has already been in detailed discussions with some of the world’s leading research universities, such as MIT, the University of California and Rice University, to discuss ways of collaborating on this project and to bring some of their best students to Wales to support our innovative businesses.

We are also working on attracting the best in Asia and during the past five days, a member of my team has been crisscrossing Japan talking to both major industrial companies such as Hitachi, as well as half a dozen leading Japanese universities on how they can work alongside us to deliver and develop the programme.

The response, I am proud to say, has been overwhelmingly positive and supportive.

In creating a global open innovation system between world-class overseas universities, home-grown businesses and our own higher education institutions (especially those newer universities that need critical support to enhance their research potential), we are establishing a new model of open and collaborative innovation that has the potential to boost opportunities for the Welsh economy and is a million miles away from the parochialism and elitism that has blighted our economic fortunes for far too long.

Recently, Sir David Lewis – the proud Welshman and former Lord Mayor of London – stated that: “Wales needs to become less insular and more international if it is to match rival UK countries…We are not outward-looking and expanding the way that we should be. The way to grow is to look outward, not inward. That can be addressed through education, by welcoming foreign expertise to Wales.”

Through focusing on bringing the best graduate talent to bear on the Welsh business community and working with some of the world’s leading academic institutions, the University of Wales aims to ensure that Sir David’s sentiments are realised.

More importantly, I passionately believe that the Prince of Wales Scholarship Programme will help to show that our small and clever economy can punch above its weight and compete successfully on a global stage, bringing not only the best of the world to Wales, but then taking the best of Wales to the world.

Comments

Anonymous said…
There are growing whispers down the Bay that a number of senior WAG officials are already briefing agsinst this project because it breaks the comfortable status quo between the big universities and the Assembly. Is it true that the 'Big 5' came together recently because of the threat being posed by the new invigorated University of Wales?

Don't let the buggers rattle you - this Prince of Wales project could be something that changes Wales for the better and it will take more than a few past their sell by date civil servants to bring this down.
Anonymous said…
There are also rumours that Bangor and Swansea are doing everything in their power to undermine the University and the scholarships - is this true prof?
Unknown said…
EARN GLOBAL MONEY shows you different earning programs from all over the globe and help people to earn money from different earning program owned by different organizations.

for more information please visit www.earnglobalmoney.info

Popular posts from this blog

THE IMPORTANCE OF FRANCHISING

When we talk about start-ups and entrepreneurship, rarely do we discuss the potential of franchising not only as a way of establishing new ventures in the economy but also as a method of growing existing businesses. According to the British Franchising Association, franchising is the granting of a licence by one person (the franchisor) to another (the franchisee), which entitles the franchisee to own and operate their own business under the brand, systems and proven business model of the franchisor. The franchisee also receives initial training and ongoing support, comprising all the elements necessary to establish a previously untrained person in the business. This enables individuals to start their own businesses without having to develop their own ideas and utilising an existing brand and established market. Of course, whilst each franchise business is owned and operated by the franchisee, the franchisor controls the quality and standards of the way in which the business is

THE MANUFACTURING STRATEGY FOR WALES

Last night, I received the following comment on the previous post relating to a piece I had written back in early 2007 about the state of the manufacturing sector in Wales. "Dylan, you seem to be ignoring the fact that manufacturers in Wales have written the manufacturing strategy. Small and large manufacturers, all represented at the Manufacturing forum, have co-written this strategy. WAG has recently supported this strategy and have funded a co-ordinator with resources. Manufactures are happy with this progress as they are following the strategy they wanted. I know that the Conservatives have attacked the strategy as they seem to think that WAG wrote the strategy. They couldn't be more wrong. The Manufacturing Strategy was written by manufacturers, for manufacturers and is supported by WAG. If you don't agree with this, then I can invite you to the next Manufacturing Forum and you can explain to the manufacturers how their strategy is wrong....I appreciate that there is

THE PERFECT STORM FACING THE UK ECONOMY

In his sublime 1997 book on the fate of the fishing boat Andrea Gale, the author Sebastian Junger defined a “perfect storm” as a rare combination of events or circumstances that results in an unusually bad situation.  This term would not be out of place in describing what is currently happening to the UK economy which is being battered on so many fronts with little respite in sight. For example, the war in Ukraine has had an unexpected impact on energy bills in Europe due to the curtailing of exports from Russia which, last year, was responsible for supplying 40% of all natural gas to the European Union. Whilst the UK is not dependent on Russia for its energy needs, the scramble by other countries to find alternative sources has resulted in higher prices globally which has impacted on the fuel imported by the UK with normal suppliers struggling to meet demand. There have also been considerable supply constraints globally which have been driven by manufacturers struggling to get their g