Recent times have clearly demonstrated that innovation is a key attribute harnessed by thriving businesses, or indeed businesses reinventing themselves to maintain their foothold in the face of massive challenges. Innovation tends to emerge when individuals with new ideas and different perspectives and experiences come together to consider a current challenge or problem. The KTP programe enables this intersection to happen in a structured yet organic way.
KTPs represent an extremely cost-effective means of introducing new skills into your work place to resolve an ongoing challenge or issue. Depending on the nature of your KTP you will ultimately improve your bottom line, capabilities, products and/or processes by extracting value through the application of University knowledge and expertise.
A KTP is part-funded by a grant. Your business will need to contribute to the overall cost of the project. The amount you will need to contribute depends on the scale and length of the project. It will also depend on the size of your business. Typical costs are detailed below.
|Typical annual costs for a KTP
|Graduate salary £24k to £38k
|~£27k to £45k
|Associate development, travel and equipment
|Access to and support of University team, facilities etc
|£45k to £50k
|Project costs before grant
|£77,250 to £100,250
|Typical annual costs to the company
|Cost to SME (grant at 67%)
|£25,500k to £33k
|Cost to large business (grant at 50%)
|£39k to £50k
* The grant rate for ALL 3rd Sector applications has increased to a 75% contribution from IUK. This is a long-term commitment from KTP to help increase the numbers of projects from 3rd Sector Businesses.
Public sector organisations are also eligible to apply for a 50% grant contribution from IUK.
The duration of a KTP is dictated by the project which is being delivered. They typically last around 24 months but can be anywhere between 12 and 36 months.
A KTP is a company-driven partnership i.e. the partnership works to deliver solutions for your business. This in no way means that you do all the work! You have the support and expertise of the KTP Team available to you at any time, access to one of the national Knowledge Transfer Advisers from the KTN network and of course the academic(s) collaborating with you.
Your project has, by design, regular catch-ups between the three key parties: the company supervisor (line manager to the Associate), the academic(s) involved and the Associate, as well as less frequent but no less important Local Management Committee meetings which are attended by Innovate UK and a member of the University's KTP Team. The structures and systems in place for KTP have been developed over decades and are there to ensure the best possible outcomes for the partnership and therefore your business.
Businesses and not-for-profit organisations who wish to apply should;
As well as receiving up to 67% in grant funding for your project, you are also likely to be able to reduce your costs further through claiming Research and Development Tax Relief. (You should seek advice on your eligibility).
KTP Team Contact details:
Dr Rukmal Abeysekera
Knowledge Transfer Manager
Research, Innovation and Knowledge Exchange
Ron Cooke Hub
Tel: +44 (0) 1904 32 1124