Small business profits from work with Durham University
Knowledge Transfer Partnerships (KTPs) enable businesses to work in partnership with an academic institution to obtain knowledge and expertise to which they currently have no access. This knowledge is embedded into the company through a project undertaken by a recent graduate (known as the associate) who is recruited specifically to work on that project. Each partnership can receive up to 67% of its funding costs from the Government.
Family-run frozen food distributor Eden Farm is one such company to have benefited from a KTP with Durham University, a project with two associates, one in finance and the other in business process re-engineering.
The two graduates have provided the business with new financial modelling and business processes and helped to streamline manufacturing methods. The scheme helped the company through an expansion which has resulted in an additional £4 million of business annually, a return to profitability and put them in a competitive position to enter the export market. The company projects profits will grow to £1.5 million within three years.
The company has hired both associates and continues to work with academics within Durham’s Business School and School of Engineering.