Swansea University is leading a £13.5m European Union project to convert research into products and services.

AgorIP will connect academics, NHS clinicians and businesses to pioneer technology research in Wales.

The scheme has undergone a pilot, through the EU-backed Welsh Government’s Academia for Business project, where £4m of private sector funding was used to create six spin-out businesses within a year.

The next phase will see £6.7m investment from the Welsh Government as well as funding from the European Regional Development Fund and Swansea University.

"Swansea University is delighted to be leading this important project, which links academics and business experts to come up with innovative ideas and ways of doing things,” said Professor Marc Clement, Swansea University’s dean of the School of Management.

“I’m confident that the results will be of major benefit to the Welsh economy.

"As a university we pride ourselves on our links with industry and this is another example of how sectors can work together.

“I’m pleased the Welsh Government is providing this financial backing via EU funding."

A report this month claimed that more than a third of Welsh technology and IT businesses are at increased risk of insolvency in the next 12 months.