THE Wales Innovation Network - a scheme design-ed to turn bright ideas into new businesses - is already proving a success although it was only officially recently launched.

Pilot schemes running in South East, South West, North and Mid Wales have already caught the imagination of inventors, innovators and entrepreneurs and have attracted more than 200 members.

The Network, which is funded by the National Assembly and managed by the Welsh Development Agency, is specifically aimed at providing professional help, guidance and funding to help individuals develop, commercialise and exploit innovative ideas.

It is free of charge and operates through four regional innovators clubs where people with innovative ideas and projects have access to professional help and funding to develop those ideas. Each club is run by an innovation and technology counsellor.

The agency has also set up an Innovation Credit fund, which is open to SMEs as well as individuals, which can provide up to 50% of project costs to a maximum of £1,500. Innovation Credits can be used in a number of ways to help individuals exploit their ideas, ranging from technical marketing to prototyping services.

Tony Guile, who has been seconded from the Patent Office to project manage the initiative, said this support made the project unique.

He said the Welsh Network had drawn on best practice from inventors clubs in Europe, the United States, Canada and Europe.

He said: "Many of these clubs were little more than self-help groups but the professional support and financial help available within the network makes this project unique. "We believe access to expertise and financial help is vital to take any good idea to market. Under this initiative we have dedicated counsellors who are available on a daily basis who can help and advise members on issues ranging from intellectual property rights to prototyping to design help.

"We can help them address the key issues that are known to cause problems. Our aim is to help people develop their ideas to a professional level so they are commercially viable and of interest to potential investors, grant funding schemes and companies.

"We could then help them either license their product, find partners to develop it further or manufacturers. A lot of good ideas fail to get exploited and this initiative intends to reach that untapped resource."

The Network was officially launched by First Minister Rhodri Morgan.