KTP is an ideal means to boost your business performance and competitiveness. It is part-funded by the government, fully supported by universities and is of significant value to companies.
What is a KTP?KTP is a UK government initiative that helps businesses to improve their competitiveness, productivity and business performance through well-structured and strategic projects developed in partnerships with UK academic institutions. A partnership utilises the knowledge, technology and skills within an academic institution to meet a key strategic objective of a company by identifying and implementing innovative solutions that facilitate business growth.
Who is involved in a KTP?A partnership consists of three key players: Company partner; Knowledge-base partner (i.e. academic institution); and KTP Associate. The KTP Associate is a high calibre, well-qualified individual employed to work on a project, gaining knowledge required by the Company partner from the Knowledge base partner and transferring the knowledge into the company. The associate is jointly supervised by a senior member of the company and an academic or technical specialist from the knowledge base partner.
What is the duration of a KTP?There are two types of KTPs, short tactical KTP and long strategic KTP. Short KTPs aim to address tactical business issues and can vary in length from 26-51 weeks. Long KTPs aim to address, strategic business issues and the duration can vary from 1-3 years.
What kinds of projects may be funded through a KTP?A KTP project can focus on any area of your business, for instance: developing new systems and frameworks to improve efficiencies in manufacturing, supply chain and other business processes; improving existing products or developing new ones; developing and implementing a marketing strategy; and many more.
how is a ktp funded?
A KTP is part funded by the government with the remainder of the costs coming from the company partner. The funding for a KTP, and a company’s contribution, depend on the duration of the specific project. The funding also depends on whether a company is classed as an SME or as a large organisation
Typically, the annual cost for a KTP is around £60K and covers the following: salary and on costs of associate employment; training and development of the associate; travel and expense budget; equipment and consumables; and the cost of the University's participation.
Funding for SMEs
For shorter KTPs, the government provides around 60% of the funding (about £36K per year) while the SME partner contributes the remaining 40% (about £24K per year).
For longer KTPs, the government provides around 67% of the funding (about £40K per year) while the SME partner contributes the remaining 33% (about £20K per year).
Funding for Large Companies
For shorter KTPs, the government provides around 40% of the funding (about £24K per year) while the large company partner contributes the remaining 60% (about £36K per year).
For longer KTPs, the government provides around 50% of the funding (about £30K per year) while the large company partner contributes the remaining 50% (about £30K per year).