A Welsh member of the UK parliament has launched a program, dubbed ‘Y Combinator for Wales,’ aimed at boosting the area’s startup ecosystem and creating jobs.
The Welsh tech ecosystem has grown in recent years, with a recent report from industry body Startup Coalition estimating the nation’s such companies contribute around £8.5bn to the UK economy every year.
Announcing the program, Kanishka Narayan, Labour MP for the Vale of Glamorgan in Wales, said the Vale Startup Accelerator would provide early-stage startups with mentoring, training, networking and exposure to investors.
“Opportunity should not be postcode dependent,” Narayan said. “Entrepreneurs in the Vale have as much right to world-class support as those in Paolo Alto; this programme is about making that happen.”
The year-long program will end with ’Red Dragon Demo Day’, where startups pitch to local and international investors.
The UK’s tech ecosystem is overwhelmingly concentrated in London. Data from Dealroom shows that Welsh startups raised $33.7m in 2024, compared to $15.5bn raised by startups based in England.
Narayan, who became an MP for the first time in July last year, has a long-standing interest in the tech world, having previously worked at CTV Technology Ventures, leading the firm’s European presence and investing in early-stage AI, fintech and climate tech, according to his Linkedin.
He also worked as head of tech policy for the Shadow Digital Secretary when Labour was in opposition. Narayan’s Linkedin says that, in 2020, he spent a short stint working on capital markets for VC firm Atomico.
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