According to the former head of BT, Wales are not making the most of a £425m contract to rollout superfast broadband.
The Superfast Cymru scheme replaces copper lines with fibre cables and aims to ensure that 96% of homes in Wales are covered by 2016.
The take up in areas that have had it for a year is 19% with just over £300,000 spent on marketing, which is around 1% of the overall cost so far.
Welsh Ministers are said to have spent £58m on the scheme.
John Davies, who chairs the Welsh advisory committee for Ofcom said: "For small and medium sized businesses, it gives them an opportunity to compete on equal terms with businesses elsewhere in the UK and elsewhere in the world, and on the back of that they should be able to cut their costs and increase their revenues.
"There is undoubtedly take up, there are undoubtedly benefits accruing now.
"The question is, if more is done on the stimulation side, can those benefits come through faster?"
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