How does it work?
The agreed KTP project could be for any duration from one to three years and the knowledge and skills from the University are embedded into the business through the employment of one or more highly skilled graduates (the Associate) backed by an academic mentor. The Associate is recruited jointly at the beginning of the partnership to work specifically on the project, and is employed by the University. The Associate works within your company and is jointly supervised by you and the academic partner.
What does it cost?
KTP is part-funded by a government grant, allowing you to access the expertise you need to innovate whilst being cost effective. Small and medium-sized enterprises (SMEs) can expect to contribute around £27,000/annum, just under a third of the total project cost, whilst large companies would pay around £40,000/annum or half of the total cost.
What kind of results can I expect?
With such a wide variety of projects undertaken, the outcomes for businesses do vary on a case by case basis. However, on average, the business benefits from a partnership can include:
- An increase of more than £365k in annual profits before tax
- The creation of three new jobs, in addition to recruitment of the Associate
- An additional 21 staff trained.
In addition, after the completion of a partnership, over 75% of participating businesses plan further collaboration, and go on to invest over £100k in new plant facilities and machinery.
What can you expect from us?
We provide support to all partners involved in a KTP; from your initial enquiry through assistance with grant application to the delivery of the partnership. This includes:
- Understanding your requirements and the knowledge gap
- First check for eligibility – does it meet KTP criteria?
- Identifying academic experts with the right knowledge for the partnership
- Relationship facilitation
- Intensive support in proposal development
- Grant preparation & submission
- Associate recruitment
- Financial and budget administration
- Joint promotion of specific project
What kind of businesses can take part?
Businesses of all sizes in most industries and commercial sectors can take part though there are some limitations on the type of project and partners that can be supported. We will provide guidance on eligibility. KTP is a tried-and-tested scheme from which many companies have previously benefited.
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