Exciting new start-up companies in the technology sector could become a major source of prosperity and high-quality jobs for Wales in years ahead, according to the ESTnet, the body representing electronics and software technology firms in Wales.

Speaking at the launch of the 2015 ESTnet Awards, the organisation’s chairman, Ian Menzies, said Wales needed to encourage and support these new-start enterprises as some could evolve into the tech giants of tomorrow.

The prestigious awards, which last year were won by among others Newport-based IAC Ltd, Oakdale-based General Dynamics and Newbridge-based Axion Manufacturing Services, recognise the achievements of businesses across the electronics and software sectors and, for the first time this year, will include a special award for start-up firms which has been named in honour of Cardiff-born venture capitalist, Sir Michael Moritz, whose investments have helped many exciting new digital businesses worldwide to get off the ground.

Mr Menzies said: “There are many exciting new Welsh ventures emerging in this field and we need to promote and nurture the new culture which is giving rise to this wave of technology-based enterprises. We also need to become better at spotting the potential industry stars and encouraging them to grow their businesses here in Wales; creating large numbers of high-quality professional jobs.”

He added: “We’re very pleased that an international entrepreneur of the calibre of Sir Michael has lent his name to this new award category which will give recognition to one of Wales growing number of fledgling technology enterprises. His success has been an inspiration to many already and we hope it will encourage many others in their endeavours.”

Mr Menzies also urged firms to work closely with education in order to nurture the new generation of workers needed by the industry and he added that employers should also think imaginatively about how workers in other occupations might be retrained for ICT roles.

With a growing shortage of skilled technology workers across Europe, Welsh firms could give themselves a competitive edge in international markets by working to cultivate the necessary skill-base at home.

The ESTnet skills survey, conducted in 2013, showed that 44 per cent of technology businesses in Wales expect to recruit more engineers and software professionals by the end of 2016.

Mr Menzies said: “We are in a global market so there are lots of opportunities, in particular for Welsh software developers but also for the hordes of young talent that we know is out there. The data we have indicates the industry needs about 3,000 new people a year just to keep pace with current demand.”

Entries for the 2015 ESTnet Awards must be submitted by November 19, 2014. Winners will be announced at a gala dinner at the Wales Millennium Centre on 5 March 2015.