A collective of start-up businesses, investors and students in Cardiff have teamed up to promote the Welsh city's technology and digital scene.

Known as Cardiff Start, the collective has announced targets which will be monitored, checked and audited over the next year to prove the value of the group to both Cardiff and the UK.

Among them, the collective aims to increase its combined annual turnover (currently £105 million) by 30 percent over the next two years, as well as connecting at least 50 students to local SMEs and 25 SME’s to investors in the next year.

Cardiff Start also aims to remove some of the boundaries that restrict the growth of start-up businesses. By hosting knowledge-sharing events and investor showcases, the organisation hopes to facilitate the creation of five £1m companies over the next five years.

“The potential is certainly here, but we need to retain the wealth of resources which can be found in our universities, and nurture entrepreneurial talent,” said Stephen Milburn, founder of Tradebox Media and co-founder of Cardiff Start.

“Starting now, and by raising awareness of successes the members of Cardiff Start have enjoyed, we can change this attitude that South Wales lacks opportunities and the sector can continue to grow.”

Milburn added that by recognising what existing tech start-ups in Cardiff have already achieved and by bringing them together into a single community, Cardiff Start has begun to publicise the city's emergence as a centre for the technological and creative industries.

The launch event was attended by over 200 founders, and received support from Cardiff Council, the Know Cities Project, KPMG, EIP and Freeagent. Cardiff Start has already received funding from the HECFW and Cardiff University.