Funding boost benefits small to medium sized companies

30 Mar 2009

  • The Technology Strategy Board increases funding to SMEs and third sector organisations that are participating in a UK-wide knowledge exchange project 
  • The increased funding, will reduce organisations' own contribution to costs from 33% to 25%
  • Part of a raft of government measures to support companies and organisations, including those in the third sector, during the current downturn.

The organisation that has been established to drive the development and exploitation of technology and innovation in the UK, The Technology Strategy Board has made a commitment to reduce the cost of its Knowledge Transfer Partnerships (KTP) programme to Small and Medium sized companies (SMEs), and third sector organisations.  

The move, which takes effect from April 1st has the full support of all the other government organisations that are funding KTPs and will mean that organisations will receive a cash payment that reduces their contribution from 33% to 25% for one year. The aim of this incentive is to encourage SMEs and third sector organisations such as charities to take part in the KTP programme despite the uncertain financial climate.

The KTP programme helps to ensure that specialist knowledge is transferred between the research and business worlds and supports business by giving organisations access to the knowledge and skills base in the UK's universities, colleges and research bodies.  Recent graduates undertake a strategic project working in the organisation with staff whilst developing themselves for a career in the commercial world as managers and potential leaders of the future.

Pete Munday who is the national Programme Manager for Knowledge Transfer Partnerships (KTPs) at the Technology Strategy Board said:

 "Organisations that participate in Knowledge Transfer Partnerships have been shown to derive great benefit from their participation. The current economic conditions are making participation in KTPs more difficult for SMEs.  Government and the Technology Strategy Board is therefore prepared to cover a bit more of the risk so that these companies or organisations are better placed to exploit the upturn when it arrives"

All three participants in Knowledge Transfer Partnerships gain and learn from the experience.  Staff within the host organisation, learn to understand the new knowledge that they are seeking to acquire via the graduate, how to apply it and more importantly how to exploit it. The knowledge base (in many cases a host university) gains from the application of research with the resultant feedback into both research and teaching; and the graduate gains from the application of their recent training to a real business problem. Ends

For full press release including notes to editors follow this link; Funding boost benefits small to medium sized companies

 

Last updated on Friday 30 July 2010 at 14:19

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