Eight-figure boost to put innovation ‘at the heart’ of Gov’s Industrial Strategy

Science Minister Jo Johnson has announced an extra £30m in funding for Innovate UK’s Knowledge Transfer Partnerships (KTPs) scheme.

The eight-figure boost will enable Innovate UK to expand the KTPs, which currently employ 630 university graduates and post-doctoral researchers in industrial R&D and entrepreneurial roles.

KTPs allow businesses to deliver an innovation project of commercial benefit through a three-way knowledge-based partnership – a collaboration between the business, an academic or research organisation and qualified graduate.

The additional £30m announced this week is part of the National Productivity Investment Fund, announced in the 2017 Spring Budget.

Science Minister Jo Johnson said: “Through Knowledge Transfer Partnerships, businesses of all sizes are partnering with our world-leading academics and researchers to learn how new skills and thinking can increase their competitiveness and productivity, and this extra funding will ensure even more UK businesses continue to innovate and grow.

“By putting science, research and innovation at the heart of our Industrial Strategy, and emphasising the benefits of commercialising research, we are building on our strengths in R&D and delivering benefits across the country.”

KTPs have to date been run with a number of blue-chip firms, including Unilever, Dyson, Rolls Royce, Jaguar Land Rover and Sainsbury’s.

However, SMEs account for around 80% of the businesses in the scheme.

Innovate UK chief exec Ruth McKernan commented: “We are committing significantly more funding this year on KTPs than usual.

“This enables an increase to the KTP scheme this year, with additional KTPs becoming more closely aligned to Industrial Strategy Challenge Fund areas.”

She added: “Companies who have used KTPs know their development value in bringing in excellent staff with cutting edge academic knowledge.”

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