Interested in finding out how a Knowledge Transfer Partnership could boost your business? Here’s everything you need to know…
Knowledge Transfer Partnerships (KTPs) bring together recent graduates and businesses to help work on a specific project.
Each Knowledge Transfer Partnership is a three-way partnership between a business, an academic institution (usually a university) and a graduate.
The academic institution employs the recently-qualified graduate who works at the company. In turn, the graduate, known as the ‘associate’, brings new skills and knowledge to the business.
Partnerships can last between 12 and 36 months depending on the project and the needs of the business and are part-funded by a grant.
So, how do you know if you’re eligible?
Knowledge Transfer Partnerships are open to businesses of all sizes and not-for-profit organisations looking to develop their business.
In terms of education institutes that are eligible, only approved universities, colleges or research technology organisations can apply.
As for associates; you can apply as an associate if you are a high-calibre recent graduate. The only requirement is you have the knowledge and skills to lead an innovative and strategic business project.
What are the business benefits of taking part in a KTP?
Taking part in a KTP can help you 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. (We break this down next)
Businesses that participate in KTPs often achieve an average increase in annual profit of more than £1m after taking part. They also lead to the creation of around two new jobs.
Around 60% of associates are also offered a permanent job in the company when the project finishes.
How much does it cost?
If you are a small to medium-sized business (SME), you will need to foot a third of the costs yourself. The average annual contribution to a project for an SME is roughly £23,000.
However, if you’re a larger business, you will need to contribute half the cost. The average annual contribution to a project for a larger company is around £30,000.
I’m interested, where do I go from here?
If you already have a working relationship with a university, you could contact them yourself. Otherwise, you should get in touch with your local KTP adviser.
An advisor will be happy to check the feasibility of your idea and tell you if it is suitable. They can also help you find the right academic or researcher to work on your project.
You can get in touch with an advisor here.