Management effectiveness drives business growth. Could yours increase?
Posted on 08/10/2019
Effective management can be the difference between thriving companies and failing companies. That is why Innovate UK has introduced a new programme designed to inject significant management expertise that expands business capability, increases efficiency and enables lasting change and growth.
The initiative is called a Management Knowledge Transfer Partnership (MKTP), and it runs alongside our highly successful Knowledge Transfer Partnership (KTP) programme which has been helping companies innovate for growth for over 40 years. Read on for more information – and if you want to find out more, our one-hour Webinar at 10.00 on Tuesday 29th October is a further opportunity to have your questions about MKTP answered. The webinar is timed to provide you with all the information you need ahead of the funding competition open date on 12th December 2019.
What are KTPs?
Knowledge Transfer Partnerships (KTPs) link businesses with an expert academic team and a suitably qualified graduate. This highly skilled, highly motivated three way partnership collaborates to deliver a strategic project – sharing expertise, experience and resources to bring about change, embed knowledge and deliver growth.
Collaboration is key to the success of these partnerships which have transformed over 12,000 organisations big and small and across every sector in the UK.
What are Management KTPs?
Just like our highly effective KTP programme, Management KTPs (MKTPs) create a dynamic 3-way partnership between your company, a team of academic experts and a skilled graduate. The focus of a MKTP is specifically on increasing effectiveness and improving results through better management practices.
MKTPs aim to enable transformational improvement by identifying key, strategic management-based initiatives to increase business effectiveness. How? Via novel and innovative partnerships with the UK’s world class Business Schools.
Who could benefit from a MKTP?
- Growth-oriented SMEs, eager to build and execute their ambitious management strategy by introducing better management practices.
- Businesses seeking significant productivity gains, recognising that good management and leadership can help deliver this.
- Organisations looking to up-skill their people and make step-change improvements in productivity by deploying industry-leading practices and innovation processes.
Which business activities do MKTPs cover?
MKTPs take a wide view, incorporating a range of leadership and management skills and requirements to build a strategy that drives change and improves business performance.
Spanning all key business functions – from marketing to IT, creativity to strategic management; HR to employment relations; finance to logistics – MKTPs seek to support strategic management projects across core activities including:
- Monitoring and target setting
- Communication and motivation
- Organisation, resource planning and strategic thinking
- Problem-solving and decision-making
- Commercial awareness and risk management
- Coaching and mentoring
- Options evaluations, horizon scanning and foresighting
Why engage with a Business School?
The expertise held within the UK’s Business Schools is shared via a MKTP collaboration to help businesses draft and execute practical plans to radically improve their business processes, boost productivity and increase profitability.
Enabling SMEs and larger companies to activate proven productivity and growth initiatives – such as benchmarking, application of digital tools, and advanced people skills – the MKTP delivers new capability as part of a comprehensive leadership and management strategy.
Result? SMEs can sustainably scale-up and grow; and larger companies can incorporate better business processes to improve productivity.
How do I apply for a MKTP?
If you think a MKTP could help your company increase its efficiency contact one of our expert Knowledge Transfer Advisers. They can help assess whether your management project is appropriate for funding through Innovate UK and help you with your application. Once your application is approved, your Adviser will be on hand throughout your project to help guide and support it and help ensure its success.
The first round of MKTP funding competitions opens on 12th December and closes on 19 February 2020 at midday.
What does a MKTP cost?
Just like a KTP, the cost of a MKTP is shared by you and Innovate UK who contributes 50-67% of the project cost via a grant to the Business School (or other academic institution). You make a cash contribution for the remaining project cost with a small-to-medium business contributing 33% and a large business 50% per annum.
Management KTP projects can last between 12 months to three years.
To register for the webinar on 29th October at 10am, click here. Details of how to apply will be added once the competition is open for applications.