The University of Wales has just launched a new innovation initiative: the Prince of Wales Innovation Scholarship program. The idea is to recruit 100 of the world's top students to a Ph.D. program, in which the students will be posted to research positions in Welsh companies. The scholars receive funding, research experience, and a Ph.D., while the partnering companies gain new ideas, processes, and technologies. And as a nation, Wales expects to develop and disseminate a culture of innovation, as well as the economic benefits stemming from the research.
In this turbulent economic climate, companies and countries are always tempted to cut their R&D budgets. It's refreshing to see Wales take a high-profile stance on the importance of innovation.