Following last month’s news that universities are using knowledge transfer to incentivise the enterprise agenda, The University of Wolverhampton has been awarded £24.3 million for a recession-busting initiative to help businesses.

The University of Wolverhampton in the UK has been given a £24.3 million cash injection to increase knowledge transfer partnerships (KTP) within the region. Wolverhampton is already top in the Midlands for the scheme and second nationally.

Thanks to funding from Advantage West Midlands, the European Regional Development Fund and the Technology Strategy Board, universities from across the region will work with companies on projects which will increase their competitiveness, productivity, performance and ultimately safeguard jobs.
Wolverhampton will lead a consortium of all 12 of the regional universities to increase the number of partnerships from 70 to 210 over the next three years.

Knowledge transfer partnerships last between 12 and 36 months, and involve the forming of a partnership between a company and an academic institute, enabling access to the skills and expertise available.

A graduate is recruited who will work at the company on a project central to the company’s development, supported by an academic mentor. Participating companies will also have access to all resources available at the university.

Dr Alan J Collins, director of Business Development and Enterprise at the University of Wolverhampton Competitiveness Centre, which administers the Classic Knowledge Transfer Partnership in the West Midlands, said: “The funding will enable the number of companies engaging with the programme to increase from the present level of 70 to more than 200 at any one time.”

Regional KTP Manager Marc Fleetham said: “The scheme could not have come at a better time as companies are facing tough times ahead due to the global credit crunch.

“We are delighted to have been awarded the funding to develop the number of KTPs within the region. The skills and expertise within West Midlands universities are key to future development of the region and I would actively encourage companies to get in touch with their local university to find out how they could benefit from the scheme.”