Welsh Government cuts cost of Knowledge Transfer Partnerships

The Welsh Labour Government is cutting the costs of short term Knowledge Transfer Partnerships (KTPs) to make them more accessible and cost effective for SMEs.

KTP, a UK-wide programme delivered by the Technology Strategy Board and supported by the Welsh Government, links companies with further and higher education institutions.  Recently qualified graduates, who are supported by academic supervisors, are placed with companies to work on specific business projects.

The aim is to help businesses improve their competitiveness, productivity and performance through better use of knowledge, technology and skills. Companies currently contribute 40% of the cost of short term KTPs, with an average contribution being around £20,000 and the Welsh Government contributing the remaining 60%.

Welsh Labour’s Economy Minister Edwina Hart has now announced that the Welsh Government will contribute 75% of the costs, with businesses only contributing 25%, until 31 March 2015.