Summary:
25% of Welsh diaspora entrepreneurs ready to invest in Wales within 12 months.
54% of emigrants considering returning to Wales for investment opportunities.
62% willing to engage in knowledge transfer and mentoring.
Over three million Welsh people estimated to live abroad, presenting a significant resource for investment.
Call for collaboration among Global Welsh, Welsh government, and other stakeholders to harness diaspora potential.
Welsh Entrepreneurs Abroad 'Ready to Invest Here'
A recent study reveals that more could be done to encourage Welsh entrepreneurs living abroad to invest in their homeland. Dr. Sarah Louisa Birchley, a specialist in global diaspora entrepreneurship, conducted research involving 1,700 Welsh emigrants across 45 countries, identifying 500 entrepreneurs among them. Remarkably, 25% of these entrepreneurs expressed readiness to invest in Wales.
Dr. Birchley emphasizes that there are several barriers to enabling these individuals to return and invest. The Welsh government has shown openness to new collaboration methods with the diaspora. Dr. Birchley stated, "The messaging about what's happening in Wales isn't really getting out to the members of the diaspora, especially these entrepreneurs. They need more information about what's possible in Wales to be able to bring them back."
The study, supported by Welsh Water and Global Welsh, found that 54% of emigrants would consider returning to Wales, presenting a significant opportunity for a "brain gain". The report titled Brain Drain to Brain Gain includes several key findings:
- 25% of Welsh diaspora entrepreneurs are ready to invest in Wales within 12 months.
- 45% hold a master's degree or higher.
- 62% are willing to engage in knowledge transfer and mentoring.
- The Welsh diaspora has connections to sectors such as technology (24%), creative industries (7%), and healthcare (6%).
How Many Welsh People Live Abroad?
Global Welsh estimates that over three million Welsh people live abroad, a number comparable to those residing in Wales. Dr. Birchley participated in discussions on the Welsh diaspora at the Hay Festival Winter Weekend alongside former Australian Prime Minister Julia Gillard.
Welsh billionaires like Sir Terry Matthews and Sir Michael Moritz are examples of successful individuals who made their fortunes abroad and contributed significantly to Welsh society. Matthews invested over £100m in Newport's Celtic Manor Resort, while Moritz donated £75m to Oxford University to support underprivileged students.
'Valuable Resource'
Dr. Birchley advocates for greater collaboration with the Welsh diaspora to harness the potential of this remarkable group. She calls for a stakeholder meeting to align goals and values for effective communication. Addressing complex issues such as tax implications, infrastructure, and housing is crucial for facilitating this engagement. The Welsh government acknowledges the vital role the diaspora plays in supporting local businesses and communities, expressing interest in utilizing insights from this report to shape future interactions.
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