Partner Article

Partnering with universities helps businesses to increase profits by £150 million

BUSINESSES working in partnership with further and higher education institutions stand to benefit from a total increase in annual pre-tax profits of £150 million and new jobs.

Led by the Technology Strategy Board, KTP accelerates business innovation by facilitating collaborative partnerships with further and higher education institutions.

According to the latest KTP annual report, businesses participating in the programme during 2009/10 report the creation of more than 1,400 new jobs, in addition to improved profits.

The report also cites a 26% rise in KTP project numbers during 2009/10 compared to 2008/9.

Head of Knowledge Transfer Partnerships at the Technology Strategy Board, Dr Debbie Buckley-Golder, said: “Despite the year’s economic challenges, this report demonstrates that businesses have continued to respond very positively, harnessing expert knowledge and innovation to drive growth across the economy.

“At the 2009/10 year end, the portfolio comprised 1,301 individual projects, the highest total number of active KTP projects in the history of the programme, and demand for new projects is also now at its highest ever level.”

The introduction of the shorter KTPs – which run for between 10 and 40 weeks – has provided a new way for companies to access the expertise available within academic institutions, with more than 250 projects initiated following their launch in July 2009.

This was posted in Bdaily's Members' News section by Ruth Mitchell .