KTPs enable businesses to access technology and expertise that reside in universities, to help them to innovate and grow.
On average, benefits that can be expected from a project are*:
- £113k one-off increase in net profit during the KTP
- Projected increase of over £1m in annual profits before tax
- The creation of two new jobs
- An increase in the skills of existing staff
(*latest statistics from Innovate UK)
Successful applications secure funding of up to 67% of project costs, with the company partner contributing the remaining funds (33-50%, depending on size of business). Companies can apply for R&D tax relief, potentially reducing costs further. The cost to a company is less than them recruiting a graduate directly, plus they get the additional benefits through accessing academic expertise and university facilities.
Companies from a range of sectors can apply for a KTP. To be eligible, companies should:
- Have at least five employees
- Have been running for at least two years
- Have the infrastructure to support the KTP Associate and the project
A Knowledge Transfer Partnership project may involve:
- Refining existing products, or designing new products.
- Opening new markets for new or existing products.
- Improving business, marketing or manufacturing systems.
- Cutting costs and waste to run the business more efficiently.