The government has committed to raise investment in research and development (R&D) to 2.4% of GDP by 2027.
To help stimulate private sector investment into R&D, Innovate UK (part of UK Research and Innovation) has a range of programmes and incentives to support that investment.
One such scheme is the Knowledge Transfer Partnership (KTP), designed to help UK businesses innovate and grow by linking them with an academic research organisation and a graduate. A KTP enables a business to bring in new skills, as well as access the very latest academic thinking to deliver a specific innovation project.
Running successfully for some 40 years, KTPs are one of the UK’s largest graduate recruitment programmes and often lead to a permanent job. A KTP project can last between 12 and 36 months and is part funded by a grant.
The business contributes towards the salary of the graduate (associate) who will work with the business, plus the cost of the university supervisor who will oversee the scheme. SMEs will need to contribute a third of the costs (average annual contribution £30,000) whilst a large company will contribute half the costs (average annual contribution £45,000).
Studies have shown that businesses benefit from KTPs with increased pre-tax profits and creation of new positions. For further details contact your local KTP Adviser through http://www.innovateuk.ukri.org or talk with your local university.
If your innovation project qualifies for a KTP, there is a very strong likelihood that it will also qualify for support through R&D Tax Credits. Bishop Fleming’s Tax Advisory Service can advise you on the process and help you maximise this opportunity. Contact 03333-219000 or email Ewan McClymont, Director Grant Services, at firstname.lastname@example.org.