What will it cost?
A KTP is part-funded by a Government grant. A small to medium sized enterprise (SME) would be expected to contribute about a third of the costs involved in the project. The average annual contribution to the project for an SME would be c. £20,000. This contributes to the costs of Cardiff University and the Associate's employment & development. Your contribution to the costs of the project not only gives you the services of your KTP Associate, but also the time and expertise of the academics or researchers working with you.
What does the KTP Associate get out of the collaboration?
The Partnership recruits the KTP Associate; as a full-time employee. However, while they are working in your business they will gain valuable business-based experience and will spend c. 10% of their time on personal and professional development. This enables them to better manage your project whilst also enhancing their own skill set. As a measure of the value KTP Associates bring to a business, previous experience shows that around 75% are offered a permanent full-time job by the business on completion of their project, often in senior roles in the organisation.
Are there any restrictions?
A KTP may not be appropriate for every business. Very small businesses or very recent start-ups may not have the capacity to provide support for the KTP Associate or the resources to commit to the project. However Welsh Assembly Government will sponsor Shorter KTPs for micro organisations.
One of our KTP Officers will also need to be satisfied at an early stage in discussions about the financial viability of any business wanting to establish a KTP.
What does the grant for a KTP and the company's contribution pay for?
The largest part of the costs of a Partnership is the employment cost of one or more KTP Associates. The remainder includes provision for equipment and travel costs, the university’s administrative and academic costs and costs associated with the personal and professional development of the KTP Associate(s).
How is the amount of a grant calculated?
The grant is calculated on a number of things:
- Number of KTP Associates to be employed
- Length of their project
- Company size
The financial arrangements for any potential Partnership should be discussed with the KTP Office at the University.
How much should a company expect to contribute?
The budget for any individual KTP, and a company's contribution to it, depends on the details of the specific Partnership. However, annual company contributions per KTP Associate employed could be at around the following levels: contribution by an SME Small / Medium Enterprise - 250 employees), can expect to contribute a third of the project costs; contribution by a LSE (Large Scale Enterprise - 250 employees), would be around half of the project costs. Currently, average annual project costs are c. £60,000.
What other costs are involved for companies?
Companies will need to cover the full overhead costs of their own participation in a Partnership, e.g., management and supervisory effort. Companies may enhance the salaries of KTP Associates if required. Companies are invoiced by the University quarterly in arrears.