With the current difficult economic environment, The Welsh Government has announced that they will contribute 75% towards the total costs of KTP projects that meet the eligibility criteria and are approved for participation in the KTP programme. SME businesses are usually expected to contribute 33% of the total project costs, but eligible businesses in Wales will now only have to contribute 25%.
The aim of this Welsh Government initiative is to make KTPs more accessible and cost effective for SMEs and encourage more businesses to benefit from the programme.
Professor Paul Harrison, Pro-Vice Chancellor for Innovation, said: “USW has a long history of delivering real benefits by working collaboratively with local SMEs. With this announcement from the Welsh Government there has never been a better time for local businesses to take advantage of this offer.
“Knowledge Transfer Partnerships are a core component of our offer to businesses. They are designed to help businesses gain new knowhow and capabilities to turn them into market leaders and allow a real step change in their growth. We will be open for businesses to discuss how we can help them and link them with world leading expertise,” Professor Harrison added.
Chris Wright, Manager of the USW Exchange, the University of South Wales’ hub for business and collaboration added: “We welcome this announcement from the Welsh Government as a mark of their support to businesses adapting and innovating their way through the post-COVID economic recovery. We’re hearing from the business community how important financial support to enable collaboration and progress innovations is to their ability to respond to changing marketing & maintain growth. These new changes makes KTP the most accessible it’s ever been.”
Partnerships jointly develop the proposal to address a specific business need and must submit their proposal for assessment between 1st September 2020 and 12 noon on Wednesday 3rd February 2021. Only applications received during this time will be eligible for this funding.
The partnership can vary in length from one to three years according to the needs of the business. Businesses from all sectors are welcome to apply.