Taking part in a KTP can help you to develop your business. It can help you get the academic expertise that you don’t have in-house. This expertise can help your business perform better and become more competitive and productive.
A KTP is part-funded by a grant. You will need to contribute to the cost of the supervisor and the salary of the associate. 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 company.
If you are a small to medium-sized business, you will need to contribute a third of the costs. The average annual contribution to a project for an SME is around £23,000.
If you are a larger business, you may need to contribute half the cost. The average annual contribution to a project for a larger company is around £30,000.
Extra benefits of a KTP
Outcomes vary but expected benefits for businesses are:
- an average increase in annual profit of more than £1 million after taking part
- the creation of two genuine new jobs
- an increase in skills of existing staff
- access to highly qualified graduates to lead new projects
- access to university expertise providing specialist knowledge and access to the latest technology and ideas
- developing innovative solutions to help your business grow
- increased competitive advantage
- improved performance/business operations
- increased profitability
- government funding reduces the cost and risk to businesses
- the University manages the administration