From the BBC news website, updated on 26/02/2008

The University of Wales is offering what it says is one of the world"s highest paying PhD schemes to encourage fresh thinking in Welsh companies.

Students on the Prince of Wales Innovation Scholarships programme will receive an annual stipend of £20,000 and a research grant of £5,000.

All their tuition fees will also be paid. The aim is to recruit 100 of the world"s best graduates.

Wales wants to enhance the ties between universities and the private sector.

The Welsh scheme forms part of a Global Academy which is also backed by the National Endowment for Science Technology and the Arts and the Welsh Assembly government.

Shortfall

The vice-chancellor of the University of Wales, Prof Marc Clement, said the innovation scholarships had the capacity to help transform the Welsh economy. "This is about recruiting extraordinary people to make sure Wales is at the frontier of research and industrial excellence and we anticipate that we will have the best graduates globally competing to get on the scheme."