Government scheme aims to boost innovation

An Abermule business is being highlighted as part of a new Welsh Government agreement aimed at boosting innovation and supporting companies across Wales.

Stashed Products, which designs and ships smart bike storage solutions to more than 45 countries, has already benefitted from support linked to the agreement between the Welsh Government and the Intellectual Property Office (IPO). The Memorandum of Understanding (MOU) will see the two organisations work more closely to help Welsh businesses strengthen their intellectual property (IP) and grow through innovation.

Stashed, based near Newtown, received SMART Flexible Innovation Support (SFIS) funding and an IP audit through the IPO and Welsh Government’s innovation team. The help has allowed the company to protect its designs, expand its workforce, and bring new products to market.

Elliot Tanner, Managing Director and Founder of Stashed Products, which recently won a King’s Award for Enterprise in Innovation, said: “Support like SFIS allows you to take risks. As a small business, that’s a big deal. It meant we could hire, develop and refine – getting new products market-ready and protected. The audit gave us a clear action plan. It showed us where we were exposed and helped us think more strategically about how to use our IP – beyond just selling products.”

The Welsh Government says the agreement with the IPO forms part of its Wales Innovates strategy, which aims to create a stronger, fairer, and greener economy by supporting businesses like Stashed in their innovation and expansion.

Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: “Understanding Intellectual Property and using that knowledge to make more informed decisions can be crucial for SMEs, start-ups and scale-ups. We want the creators, innovators and entrepreneurs of today and tomorrow to understand how they can better use IP to drive the business growth that will help deliver a prosperous future for Wales.”