Innovate UK is offering a share of £40 million to businesses that join a Knowledge Transfer Partnership (KTP). The KTP programme is intended to promote competitiveness and productivity in a company by bringing in new knowledge and skills.
Those signing up will get access to a university or research organisation and to a highly qualified graduate.
Provisions in the recent Budget will see up to £25 million being used to expand the KTP scheme, creating places for more than 200 additional graduates and academics with relevant skills in highly innovative firms over the coming years.
KTPs are designed to help businesses to turn academic insight into viable products and services.
They can either build on an existing relationship with an academic partner, Innovate UK explains, or be a completely new collaboration with a university, college or research and technology organisation.
Businesses and not-for-profit organisations of any size can apply.
All KTP applications must focus on a specific project, set out the nature and goals of the project, give details of who will take part and establish what the graduate will be expected to deliver.
Projects can last for between one and three years, with the grant typically covering a third of the costs for small and medium-sized enterprises (SMEs) and half the project costs for larger businesses.
That means that an SME can expect to spend about £35,000 per year on funding a KTP, while a large firm would normally contribute around £55,000. Further information about Knowledge Transfer Partnerships, including how to apply, can be found at http://bit.ly/2yVmpXJ.
The next deadline is 12 December 2018. Applications can, however, be made throughout the year, with any that miss one deadline being automatically entered into the next round.