The £100m science hub that will help Wales 'take on Cambridge'

There was no money to help transform research undertaken at the universities of Cardiff and Swansea into start up businesses, and no support from the banks, he continued.

The centre, based in Cardiff Bay and opened yesterday, will bring together entrepreneurs, advisers and financiers for the industry.

“Welsh entrepreneurs were just bumbling about, not able to access funds. Now they can come to the hub and access export advice, network and approach me directly for finance. This hub will underpin the emergence of a Welsh life sciences sector brand so we’re recognised by the world.

“This is Wales taking on Cambridge,” he added.

The serial biotech entrepreneur said a business needs relentless, sensible financing, aggressive commercialising of products and services, brilliant science within the business already, and very smart people to become a billion-pound company.

The accompanying fund has so far invested in four small businesses, including ReNeuron Group, the Aim-listed stem cell company that focuses on treatment for strokes, retinitis and diabetes.

Verona Pharma, a drug development company that fights respiratory disease has also benefited from £14m in equity funding.

Edwina Hart, the Welsh administration’s Science and Transport Secretary opened the site, nestled between the Welsh Assembly buildings, alongside Theo Paphitis, the BBC “Dragon”.

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