The UK Government have announced a great opportunity for SMEs to get some funding to help up skill their workforce to support the adoption of AI in the UK.
The Department for Science, Innovation and Technology (DSIT) have announced a £7.4 million pilot scheme to subsidise the cost of AI skills training for small and medium-sized enterprises (SMEs) in the Professional Business Services (PBS) sector.
£6.4 million of grant funding is available in the financial year 2024-2025.
Through this pilot programme, eligible business can apply for funding for up to 50% of the cost of AI skills training. This is training which supports employees to develop their technical skills and/or understanding of AI to be able to develop, deploy, or use AI in their role.
Objectives of the programmeThe Flexible AI Upskilling Fund pilot aims to increase AI adoption and productivity by incentivising greater employer-led investment in skills and training.
This pilot programme will test whether training SMEs in AI maximises the value of AI adoption . Specifically, whether government support in the form of match-funding is an effective way of increasing employer-led upskilling in AI, and whether increased skills translate into AI adoption and firm-level productivity benefits.
Artificial Intelligence holds huge opportunities to drive productivity and prosperity across the UK economy. It has the potential to increase UK GDP by up to 10.3% by 2030 – the equivalent of an additional £232 billion - and businesses who adopt AI are more likely to be successful than those that do not.
But evidence shows that a lack of AI skills in businesses is hindering AI adoption, in part due to low investment in AI upskilling in UK businesses, particularly in smaller companies.
The funding competition will be open to applicants who are:
The Companies Act 2006 defines a large company being determined by its staff headcount threshold: over 250 staff, and either its annual turnover exceeding £36m or its balance sheet total exceeding £18m. However, in relation to its procurement activities, the UK Government currently defines Small and Medium Enterprises (SMEs) in accordance with the table below.
Size of Business Staff Headcount Annual Turnover Balance Sheet Total Medium Under 250 Under € 50m Under € 43m Small Under 50 Under € 10m Under € 10m Micro Under 10 Under € 2m Under € 2mApply Today!
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