Last updated: 16 Apr 2024 02:00 Posted in:
Small and medium-sized enterprises (SMEs) operating in the professional business services sector are being invited to apply for grant funding to help with the cost of AI skills training.
The Department for Science, Innovation and Technology (DSIT) recently announced a £7.4 million pilot scheme to subsidise AI skills training. Eligible business can apply for funding for up to 50% of the cost of this training, to develop their technical skills and/or understanding of AI, and to be able to develop, deploy or use AI in the workplace.
This pilot scheme is funded through the £37.5 million Labour Market Evaluations and Pilots fund, announced by the Chancellor at Spring Budget 2023.
The DSIT said the AI upskilling fund pilot “aims to increase AI adoption and productivity by incentivising greater employer-led investment in skills and training”. It said: “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.”
Funding will be allocated through a competitive application exercise to be run in May 2024. Interested parties can apply here. The application window closes on 31 May 2024.
To be eligible to apply a business must:
· Be registered and operate in the UK.
· Employ between 1-249 employees in the UK.
· Be defined as an SME per the SME Action Plan.
· Have been operating for at least one year.
· Be able to match-fund 50% of the cost of the training.
· Operate in the Professional and Business Services sector (PBS) as defined by the Standard Industrial Classification (SIC) codes. Details can be found here.
“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 Department for Science, Innovation and Technology (DSIT)