Could your business benefit from working with the University of Plymouth and get funded at the same time?
Knowledge Transfer Partnership (KTP) is a partnership between a university and a company to work on a challenging and innovative project which will transfer new knowledge /expertise into the business and extend research.
The KTP is a world-leading programme that helps businesses succeed by connecting them to the UK’s diverse academic knowledge base. Part-funded by government, it’s a partnership between a business seeking expertise, an academic institution (such as the University of Plymouth) and a recently qualified graduate/postgraduate – known as the KTP Associate.
How it works:
To succeed, your innovative project needs to be strategically important and have the potential to transform your business in making it more competitive and productive. A KTP can last between 12 and 36 months depending on the project and the needs of your business. Projects must demonstrate wealth creation, innovation, impact and challenge.
A Specialist Advisor will be assigned to you who will help you define your project, identify the appropriate academic support team and then will work closely with you completing the funding application form. Once your KTP has been approved for funding, we will work together to recruit a recently qualified graduate/postgraduate known as the KTP Associate. With support of the academic team, the Associate will work in your business day to day, focusing on delivering the agreed project objectives. The Associate also undertakes a personal development programme and the KTP Specialist Advisor will be on hand to offer support throughout the project.
Over the last five years the national statistics show that each partnership have benefitted from an average:
- £60k increase in pre-tax profit during the lifetime of the project
- £600k per annum increase in pre-tax profit for the three years following completion of the project
- £650k per annum increase in exports for the three years following completion of the project
- invested £300k in plant and machinery
- invested £160k in further research and development
- created two new jobs
- trained 20 staff
- 64 per cent of KTP Associates are offered jobs by the company partner post KTP completion.
A KTP is part-funded by a UK Government grant and the amount you will need to contribute depends on the requirement and length of the project, as well the size of your company.
The balance of project costs contributed by the business partner. On average, a KTP costs a Small-Medium Enterprise (SME) £23k per year, and a Large Enterprise (LE) on average £35k per year. The whole project costs can be included in the University REF return which means that on average a two-year project would count as £140k research income.
Innovate UK wishes to invest its funding primarily on supporting high-growth potential SME’s that demonstrate innovation, impact and challenge for all parties participating on a KTP. To find out more about how KTP can ignite innovation in your business, contact the Enterprise Solutions Team on 0800 052 5600 or email email@example.com.