Developers claimed the new racing track in Ebbw Vale would create thousands of new jobs.
£1m to be invested in Wrexham
The money will help establish a new business hub, creating 100 new businesses and 260 new jobs over the next two years.
The two year pilot, that aims to help secure at least £1m of private investment for its member entrepreneurs, will provide wrap round support for aspiring entrepreneurs.
Ken Skates said:
"I am delighted to announce funding for the new incubator in Wrexham to harness, support and encourage the fantastic entrepreneurial talent in the region.
Innovation and entrepreneurship are vital drivers for the economy and I want to continue to create the best environment for entrepreneurs across Wales and will be using the pilot to inform my future economic priorities.
The importance of providing space, community and support for aspiring entrepreneurs is key to success and I am keen to build on and complement the existing infrastructure across Wales."
The Hub will be delivered through the Business Wales consortium, which is backed by EU funding. They'll work collaboratively with Caerphilly based Welsh ICE which has four years of experience of running a successful incubation facility.
It will provide a shared work environment, business advice, structured workshops, increased opportunities and challenges designed to inspire potential entrepreneurs to develop resilient and successful companies.
It will also provide entrepreneurs with international trade support, high quality business advice, intercompany and individual networking opportunities, and mentoring and training support.
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