Multi-Million Pound Boost For Knowledge Transfer Partnerships Announced

Enterprise Minister Arlene Foster today announced a multi-million pound funding package for the Knowledge Transfer Partnership (KTP) programme in Northern Ireland.

The UK-wide initiative supports businesses that want to improve their competitiveness, productivity and performance by helping them to access the knowledge and expertise available within local universities and further educational colleges.

Invest Northern Ireland will contribute £7.2million of funding over the next five years. With additional input from the Technology Strategy Board and other KTP Sponsors, total funding could amount to £13 million.

Arlene Foster said: "Northern Ireland businesses are increasingly aware of the value of collaboration and the rewards it can bring. KTPs help get the best minds working together to solve problems, respond to challenges and spark creativity, thus stimulating growth and helping to drive future economic prosperity.

"As well as helping businesses add value to their products, services and operations, the programme will also enable Northern Ireland's knowledge institutions to engage in applied research which is relevant to the needs of the local economy."

Iain Gray, Chief Executive of the Technology Strategy Board, said: "KTP supports innovation-led, three-way partnerships between businesses, academic institutions and graduate associates. It is the leading knowledge exchange programme in Europe and there is clear evidence of a continued demand for it in Northern Ireland.

"The benefits of KTPs to companies include enabling the development and introduction of new products, entry into new markets, improved quality, operations and management processes as well as increased sales and profitability. It is an integral part of the Technology Strategy Board's overall strategy and range of programmes to support businesses on their innovation journey."

(CD/GK)