Businesses can unlock their potential with a Knowledge Transfer Partnership

By Mark Smith, executive director of business engagement at Aston University

On Wednesday 6th June, Aston will be celebrating some of its innovative Knowledge Exchange projects by holding a showcase event, where businesses can come along and learn about how a company can gain a competitive advantage by taking part in a project with a university.

A Midlands-based software company that has embarked on a project with Aston University in order to develop an innovative new product recently expressed how the partnership had made an impact so far.

Anne Tasker, managing director at Zenzero, said: “We have the opportunity to really showcase the value that the commercial and academic domains can bring when they work together, drawing on expertise from both sides. The development of this one of a kind product has the potential to bring significant benefits to the manufacturing industry. We are delighted to be part of this KTP with Aston University, it’s a very exciting project!”

So how did Anne arrive at this revelation? Growing businesses need to innovate, but where did Zenzero find the right specialist knowledge? A Knowledge Transfer Partnership (KTP) is a world-leading programme funded by Innovate UK, which will help your business succeed by connecting you to the UK’s rich academic resources and latest research.

KTP unlocks the potential in a business by forming a collaboration with a university to address a strategic project and then engaging an able graduate working full time to share knowledge, deliver business benefits and embed new capabilities. In over 40 years of success, KTP has enabled businesses of all sizes to improve competitiveness, deliver higher profits and invest in people and equipment.

So how do you know your business is ready for KTP? You simply ask yourself six simple questions:
1. Is there a development that would transform your business?
2. Is the proposed development innovative?
3. Will the proposed development impact the company’s financial performance positively?
4. Will the development challenge the practices of the company, helping staff and systems develop?
5. Will the newly embedded capabilities be the basis for future business developments?
6. Does the development fit the business’s overall strategic direction and result in a coherent project?

If you can say yes to all six of the questions, KTP may be the missing piece to your company jigsaw. If you only score 4 or 5 out of 6, Aston can work with you to ensure you plan your way to a KTP that will transform your business.

If you would like to learn more about how Knowledge Transfer Partnerships could bring innovation to your business give Aston University’s KTP team a call on 0121 204 4242 or email ktp@aston.ac.uk. Please see information on our Showcase event here, we hope you can join us to find out more.