Last week, Captain Gareth and co. took to the Senedd stage to share some really exciting news based on the findings of a recent external report completed by CM International towards the back end of last year.
The report, completed by CM International, looked at the number of full-time equivalent (FTE) jobs created by businesses at ICE, as well as analysing surveys and interviews conducted among ICE members and revealed that ICE has generated £13.8m benefit to the Welsh economy since its launch in 2012.
We also took the opportunity to chat about our future projects and vision for how our young organisation moves forward and were delighted to have so many people in attendance.
To date, we have been grateful to have attracted over 150 member businesses, and currently count over 100 as active members in our community. This number is the target, as it means we are at full capacity, however we are again looking to grow our space in order to continue supporting businesses in the local area. This is from a standing start in July 2012, and we are incredibly proud to have a retention rate of over 65%.
Our community is diverse, but is also super productive and innovative. Almost 3 out of every 4 have launched new products and services since being a member of ICE, so we are able to attract them before they have even reached a point of launching their enterprise.
These 150 businesses are responsible for an additional 216 jobs created in our first three years of existence, net of founders and founding employees, which takes the total above 375!
What’s more, the report found that 86% of these jobs are attributed to the impact of ICE, and are recognised as net additional jobs.
These 150 businesses are responsible for an additional 216 jobs created in our first three years of existence, net of founders and founding employees, which takes the total above 375.
The report also found that 86% of these jobs are attributed to the impact of ICE, and are recognised as net additional jobs.
Beyond the jobs created to date, even if we were to stop all activity tomorrow, it is projected that the companies supported by ICE would create at least an additional 219 jobs over the next 3 years.
The net GVA impact of this activity is estimated as currently standing at over £13.8 million, and is projected to exceed £36m three years in the future.
The report also found that we deliver a comparably high return on investment, which is currently measured as over £8 back into the local economy for every £1 in project costs.
This alongside a very healthy component of matched funding from the private sector, which currently exceeds pound for pound the investment from the public sector. We are grateful to the Fairwood Trust, WCR Group and other private partners for their ongoing support in this regard.
At the event, we also took the opportunity to outline some of the fantastic projects we have at ICE which you can read about here.
The talk at the Senedd concluded with a speech from Gareth who said;
“The community at ICE is incredibly inspiring, and we are proud to have shown that small amounts of investment combined with the right strategy can have a huge impact for fledgling entrepreneurs.
“Naturally, as the companies gain momentum they are more likely to create jobs and wealth for the local economy, but if they cannot afford to get started in the first place, it will never happen. The concept is simple – we help businesses get off the ground and start trading – it’s the implementation that’s difficult, and that’s where our fantastic team at ICE really shine.”
We also premiered our newest video (produced by ICE member Eyes Open Media) which you can catch below.
Thanks again to everyone who made the event!