Partnered with tech giants including Google, Blackberry and Telefonica, TechHub provides physical sites where technology entrepreneurs and start-ups can share workspace, collaboration and support.

The Swansea location will contain 50 desks for resident start-ups – in addition to drop-in workspace – and will offer free advice sessions and workshops for members as well as press and PR opportunities and contacts within large companies.

It will be the third TechHub site in the UK, following locations in London and Manchester.

TechHub’s Swansea initiative is being spearheaded by three local tech entrepreneurs; Adam Curtis, CEO of cloud software provider Hoowla, Paul Harwood, chief technical officer of photo voice-over app StoryApp and Matthew Warren, CEO of inventory manager Veeqo.

Entrepreneurs in the region are set to strengthen links with the thriving London tech community as part of the initiative, which is forecast to comprise 12.4 per cent of the UK’s total GDP by 2016, contributing £225bn to the economy.

The initiative has been welcomed by figures within the Welsh Assembly, including economy minister Edwina Hart, who commented: “The TechHub concept was developed by entrepreneurs for entrepreneurs and promises to provide an environment that will stimulate the growth of new high-tech companies in Wales.

“Encouraging entrepreneurs and supporting startups with high growth potential is an integral part of our strategy to grow the economy and create quality jobs. This private sector initiative is therefore very welcome and will complement Welsh Government-supported activities to boost the business birth rate.”