It’s been an interesting two years since the seeds of an idea for the Innovate to Save fund were first sown. Welsh Government's existing Invest to Save fund had been running since 2009 and has supported a wide range of projects and but we felt this new fund offered a real opportunity to push some of the boundaries and test more risky ideas which may be out there.

We wanted to give people and organisations the space to explore new ideas without the fear of failure and to provide them with an opportunity to find ways of tackling problems and developing ideas to see if they would work in the real world.

It was a steep learning curve for us all. Although the first round of bidding for the fund began in February 2017, the preparatory work began almost a year before in March 2016. There were legal and operational processes to iron out but with a little lateral thinking, we were able to find a way forward.

After an intense period of activity during spring 2017, we received 50 applications for the research and development phase. Throughout June and July we examined each bid and developed a shortlist of eight diverse projects to go through to the R&D stage.

One year on and we’re in the last stages of the R&D phase and have just launched the second bidding round. So what did the Innovate to Save team and the organisations learn from the first tranche to inform the second?

• No one project is in the place as they anticipated at the start of the process.
• The unforeseen happens and plans need to change. This needs to be recognised from the beginning.
• The absence of a dedicated project manager can make a task a whole lot more difficult.
• There is no one size fits all timescale for undertaking research. It varies with each project.
• Never anticipate that what is needed in terms of information or data to help with research is lying there waiting to be used. Hope for the best, but prepare for the worst.
• Partnership working is hard. You have to persevere in order to keep it going.
• Problems which seem impossible at the start can actually be worked through with goodwill.
• Expect the unexpected and you won’t be let down.

Of the eight projects selected for R&D funding, four have stated their intention to apply for loan finance. The release of this funding now rests on the development of a suitable business case and the final approval of the relevant Cabinet Secretary.

Overall, it’s been extremely enjoyable and, as well as seeing a really interesting selection of projects, this has been an opportunity to work with some intelligent, driven and focused people who are trying to tackle some real problems facing vulnerable people and to make a difference.

I hope we see more of the same in the second round.

Find out more about applying to Innovate to Save