The £8m LEAD Wales project will boost the management and leadership force of businesses with in the Convergence region of West Wales and the Valleys, and is backed with £5 million from the European Social Fund (ESF) through the Welsh Assembly Government.

Led by Swansea University, the six-year project will work with business owner- managers of small enterprises through an intensive leadership programme to bring about increased turnover and job creation for their companies.

Announcing the project at Digital Technium in Swansea, Deputy First Minister, Ieuan Wyn Jones, said:

"The latest achievement marks another milestone in Wales' delivery of the 2007-2013 Structural Funds programmes which have already committed £xx EU funding, generating a total investment of over £1.5 billion to help some 28,500 businesses and nearly 280,000 individuals into work and training.

"It is a commitment of the One Wales agreement to create a climate for business success. Encouraging greater collaboration between higher education and the private sector will help drive forward the Welsh economy. LEAD Wales will address this need and make positive steps towards equipping SMEs with vital skills to help them grow and expand, enabling them to compete on a global stage."

Delivered through Swansea University’s School of Business and Economics, the programme will help up to 700 Welsh businesses, improving skills through a range of training and networking opportunities, as well as motivation and leadership-enhancement techniques.

Richard B Davies, Vice Chancellor of Swansea University, said: "LEAD Wales is a highly strategic project which aims to improve the quality of leadership in a large number of SMEs in Wales. Swansea University is totally committed to helping crate a modern knowledge economy in Wales. Our School of Business and Economics has come of age in recent years and is well placed to deliver the integrated LEAD Wales programme of learning and support, geared to achieve real impacts on the effectiveness of businesses across the Convergence region of Wales."

Today's announcement follows the news that Wales was the first region in the UK to establish a JEREMIE Fund (Joint European Resources for Micro to Medium Enterprises initiative), managed by Finance Wales. The £150 million Fund is backed with £60m from the European Regional Development Fund through the Welsh Assembly Government and uses £75m of European Investment Bank (EIB).

Mr Jones said: “By securing EIB resources to match public funding for projects we have fulfilled another key commitment of the One Wales agenda, ensuring that we use all the tools available to us to meet the challenges of the 21st century world economy.”

JEREMIE will support up to 800 businesses by making debt and equity investments to growing businesses and create up to 15,000 jobs.”

Futher achievements to date:

• Wales was one of the first regions across Europe to have its 2007-2013 Structural Funds programmes approved by the European Commission;
• Wales was the first region in Europe to win the RegioStars award for Innovation twice. OpTIC Technium in St Asaph and Swansea University's DIPLE project both received awards in 2008 and 2009, respectively, for their ground breaking initiatives
• Wales was one of the few UK regions which maximised the opportunity to utilise the additional funding arising from exchange rate fluctuations, investing over £128 million (EU grant £59m) under the 2000–2006 programmes in the last six months of 2008;
• Wales, together with the Dutch, were the most successful countries in the EU in levering in private sector involvement and finance under the 2000-2006 programmes.

In response to the economic downturn:

• Wales has received widespread recognition for its £68 million (ESF £38m). ProAct project which got up and running with remarkable speed to help workers under threat of redundancy and to meet the skills and training needs of workers;
• Wales is one of the few regions across the EU to propose changes to its Operational Programmes, including intervention rates, to help alleviate pressures on public and private sources of co-financing. A decision from the Commission is expected shortly.

Please visit the School of Business and Economics for further information regarding this important development.