Pembrokeshire's Technium will be celebrating Global Business Incubation Day today (Tuesday), a day that helps entrepreneurs and new-start up companies understand the impact business incubation has on new enterprises and why it works.

Technium Pembrokeshire, in Pembroke Dock, will be hosting an open day, where any young enterprise can come along and find out about their local Technium and how it can benefit them.

As well as explaining the incubation process and eligibility criteria, Technium Pembrokeshire will also be explaining the grant and funding schemes available to help companies in those financially difficult first years.

Deputy First Minister, Ieuan Wyn Jones, who recently injected an extra £17 million from the Convergence European Union Regional Development Fund to strengthen the Technium model, believes the incubation process is essential if we are to develop an enterprise culture: “This latest investment in the Wales Technium network will ensure we provide the best possible environment and opportunities for the youngest and most innovative businesses to succeed in Wales," he said.

“Technium has become a model across the world for incubating companies because it is designed to increase the growth of high technology businesses. This is done through increased collaboration between Technium tenants and academia to bring new products, services and technologies to market.

“Not everyone knows the concept or understands how incubation will help them. This is why we are part of Global Business Incubation Day for a second year running because we want to show how this worldwide proven process can significantly enhance a new company’s chances of making it.”

Pembrokeshire's Technium is one of 12 specialist innovation centres across Wales. Designed to support high technology, creative and knowledge-based businesses, mostly focusing on the country’s high-growth sectors such as performance engineering, sustainable technologies and ICT. It is operated as a partnership between the Welsh Assembly Government, European Union, higher and further education institutions and the private sector in Wales.

The Global Business Incubation Day at Technium Pembrokeshire is free to attend and w starts at 11am today with a networking lunch. For further details contact david.thomas2@pembrokeshire.gov.uk.