Med-tech businesses in Wales are set to get a boost in bringing new innovative products and services to market as Innovate UK unveils its first £1m Launchpad for the med tech cluster in Wales.

The Launchpad for Wales will provide funding designed to support the development and growth of high tech companies in the Med Tech cluster located along the M4 corridor from south east to west Wales.

Aimed at small and micro companies, it will support the development of innovative healthcare products or solutions, as well as encourage growth of the cluster through a number of business support activities.

Innovate UK – formerly known as the Technology Strategy Board – will launch the competition at an open invitation event at Life Sciences Hub Wales on October 15 when the scope of this particular Launchpad will be explained as well as the different stages of the competition.

Winners of the Launchpad competition get up to 60 per cent funding towards eligible costs for industrial research - total project costs are not expected to exceed £250,000.

Projects can last up to 18 months and should be led by micro or small companies in the early stages of their development working independently or working in collaboration. Companies then have up to six months to attract matched funding from the private sector , with specialist support offered during this time to assist in developing and “ investor ready” proposition.