As Staffordshire University embarks on a Knowledge Transfer Partnership roadshow around the county, Executive Director of Business Engagement Marek Hornak tells Daily Focus how the innovative programme can benefit businesses from the bottom line up…
Knowledge Transfer Partnerships, or KTPs as they are commonly known, are Government funded growth, innovation and development projects which enable companies to work with universities to access the latest expertise and research and development facilities.
In our case, they are a three-way partnership between a business, a Staffordshire University academic and a recently qualified graduate. They offer businesses the ability to collaborate on an opportunity, idea or problem and support innovation through the development of new products, processes, and services.
They are most effective when a businesses sees the opportunity for growth – whether it be in manufacturing, digital or another sector – but does not have the expertise in-house to move that forward. But through the KTP and the graduate working with them, backed by the University academic and resources, they can make it happen.
The KTPs are very successful and have a proven track record of boosting profits and helping businesses become leaders in their field. Depending on the size of the company the financial benefits can range from hundreds of thousands of pounds to millions within three to five years of completion.
And because up to 75 per cent of the funding is provided through the government agency Innovate UK – depending on the size and sector of the business – it minimises the financial risk to the company.
In the current economic climate – with labour market shortages, an ageing workforce and high energy costs – they are even more relevant.
Companies need to be more agile and able to adapt, but sometimes things move so quickly it is difficult to address the technological changes. A KTP will help address this.
As a university we are working with KTPs day-in day-out and we engage with Staffordshire Chambers of Commerce, local authorities the LEP and Growth Hub to help businesses access them.
This has led to us being successful in securing additional funding from Innovate UK. So we thought it was timely to set up a roadshow – so we could go around the county and spread awareness about the KTPs.
At any one time there are between 600 and 800 KTPs running in country – this is significant number but we are also aware that many companies have still not heard of them or their benefits.
We also want to promote that we have a dedicated business engagement team that will guide companies through the KTP process, removing any burden and converting their idea into success.
The KTP programme really is a win-win for anyone who signs up. Companies will see their bottom line increase, it will lead to products that are better than their competitors and will spark a big increase in innovation. That’s why we want to spread the word.
For more details on KTPs delivered through Staffordshire University and the roadshow click here.
