MYRIAD programmes exist to support growth businesses – those focused on ambitious scale-up goals and strategies – but accessing financial and advisory support to grow a business is always time consuming and often less than rewarding, with a relatively low chance of successful application and even then little ROI or positive impact on an organisation.
But there’s a lesser-known scheme that could well be the answer to the age-old business support question on the lips of business owners across Scotland – Knowledge Transfer Partnerships (KTPs), which bring together recent graduates and businesses to help work on a specific project.
KTPs marked their 40th anniversary last year, but not many business owners know about the opportunity to engage in an effective three-way partnership between their company, an academic institution (usually a university) and a graduate.
The academic institution employs a recent graduate to work at the company, known as an “associate”, and he or she brings new skills and knowledge to the business. Partnerships can last between one years and three years, depending on the project and the needs of the business.
Dr Alasdair Cameron is director of the West of Scotland KTP Centre, which at any one time is involved in managing upwards of 40 projects. He says KTPs can work with all types of companies, from micro to large multinationals, across most sectors.
Cameron said: “KTPs started out as the teaching company scheme or TCS. The name has changed but the core principles have remained pretty consistent – helping businesses to access academic knowledge and expertise and imbedding it within the organisation to unlock growth.
“In Scotland, KTPs don’t have the same level of visibility as in other parts of the UK. We are out telling business leaders about them all the time, but I’m certain there are businesses out there that could benefit from a KTP that we haven’t been able to reach.”
Having said that, well over 1000 projects have been funded. Recent data suggests that 75 per cent of associates are offered positions at the end of their KTP and about 75 per cent accept.
Eighty-five of Scottish businesses involved in KTPs were in the private sector, and demand was strongest in manufacturing-related businesses.
A KTP is part-funded by a grant. The business contributes to the cost of the supervisor and salary of the associate, the amount depending on the scale and length of the project and the size of the company.
The benefits can be significant – businesses that participate in KTPs often achieve an average increase in annual profit of more than £1 million after taking part.
“If you consider the costs as an investment, the returns should make the decision to undertake a KTP very straightforward,” said Cameron.
Michelle Rodger is a communications consultant.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here