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.