Companies represented at the event, hosted at Tŷ Admiral in Cardiff, included Admiral, Hodge Bank, Principality, Vodafone Business, Collections Cloud, IE Hub, Driverly and several other Welsh fintech and financial services firms. The session was framed as a direct exchange between industry and government, rather than a formal consultation, with the intent of surfacing actionable commitments.

A recurring theme was Wales’ risk-averse investment culture, which several attendees said was limiting the ambition of early-stage companies. One participant called for a regulatory or policy sandbox that would give companies room to develop genuinely innovative products without facing disproportionate commercial risk during development. Another drew a comparison with Silicon Valley’s tolerance for failure, arguing that Wales needs a similar cultural shift if it is to compete for capital on a global stage.

The cost pressures on smaller businesses were also raised directly, with corporation tax, national insurance and PAYE obligations cited as disincentives to growth. Attendees argued that fiscal incentives need to be rebalanced to make Wales a more competitive destination for founders and investors alike.

On talent, the group’s clearest message was that the skills system in Wales should be employer-led rather than supply-driven. Several specific skills shortages were identified as part of an informal audit conducted during the discussion, though these were not published in detail. Attendees also cautioned against pursuing broad technology trends without first identifying the subsegments where Wales has a genuine comparative advantage, pointing to Admiral’s development of specialist insurance expertise as the model to follow.

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