{"id":20153,"date":"2024-05-14T15:59:21","date_gmt":"2024-05-14T15:59:21","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/blogs\/?p=20153"},"modified":"2024-05-14T15:59:22","modified_gmt":"2024-05-14T15:59:22","slug":"how-smes-can-benefit-from-6-4-million-ai-training-fund","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/how-smes-can-benefit-from-6-4-million-ai-training-fund\/","title":{"rendered":"How SMEs can benefit from \u00a36.4 million AI training fund"},"content":{"rendered":"\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" data-id=\"20155\" src=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2024\/05\/Janet-Brown-1-1.png\" alt=\"\" class=\"wp-image-20155\" srcset=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2024\/05\/Janet-Brown-1-1.png 1024w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2024\/05\/Janet-Brown-1-1-300x150.png 300w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2024\/05\/Janet-Brown-1-1-768x384.png 768w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2024\/05\/Janet-Brown-1-1-960x480.png 960w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<p>The Department for Science, Innovation and Technology (DSIT) has recently introduced a vital initiative targeted at small and medium-sized enterprises (SMEs) in the Professional Business Services sector.<\/p>\n\n\n<a class=\"wp-block-read-more\" href=\"https:\/\/www.moorethompson.co.uk\/blogs\/how-smes-can-benefit-from-6-4-million-ai-training-fund\/\" target=\"_self\">Read more<span class=\"screen-reader-text\">: How SMEs can benefit from \u00a36.4 million AI training fund<\/span><\/a>\n\n\n<p>This scheme, the Flexible AI Upskilling Fund, commits \u00a36.4 million to bridge the skills gap by facilitating AI training.<\/p>\n\n\n\n<p>The funding is a substantial boost for SMEs, offering to cover up to 50 per cent of training costs associated with developing, deploying and utilising AI technologies.<\/p>\n\n\n\n<p>The primary goal of the funding is to enhance the AI capabilities of SME employees, significantly boosting their productivity and competitive edge in the market.<\/p>\n\n\n\n<p><strong>What are the key objectives of the scheme?<\/strong><\/p>\n\n\n\n<p>Research indicates that the slow adoption of AI technologies among UK businesses, particularly SMEs, is often due to the lack of investment in relevant skills.<\/p>\n\n\n\n<p>To address this issue, the AI training funds specifically target several critical areas to support SMEs:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Encouraging AI training investment:<\/strong> Subsidises 50 per cent of the training costs, making AI more accessible for SMEs.<\/li><li><strong>Bridging the AI skills gap:<\/strong> Addresses the shortage of AI skills in the UK workforce, which is especially pertinent for SMEs that might not have the time or resources to learn new technologies.<\/li><li><strong>Enhancing business productivity:<\/strong> Evaluates how AI training can improve efficiency and outcomes, helping SMEs to automate tasks and focus on growth.<\/li><\/ul>\n\n\n\n<p>As AI continues to transform industries, being proactive in upskilling your employees will ensure that your business remains competitive and future-ready.<\/p>\n\n\n\n<p>Engaging an accountant can help you identify gaps and opportunities for enhancing your business\u2019s efficiency and automation, as well as advising on various funding applications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Funding details<\/strong><\/h2>\n\n\n\n<p>The total grant funding of \u00a36.4 million will be available during the financial year from April 2024 to March 2025.<\/p>\n\n\n\n<p>Businesses must complete their training and submit all necessary invoices for reimbursement by February 2025.<\/p>\n\n\n\n<p>The amount of <a href=\"https:\/\/www.gov.uk\/government\/publications\/flexible-ai-upskilling-fund\/flexible-ai-upskilling-fund-pilot-application-guidance#:~:text=Competition%20details%2Fguidance-,Funding%20available,of%20AI%20skills%20training%20only\" target=\"_blank\" rel=\"noreferrer noopener\">funding available<\/a> is contingent on the size of the business. There is a matching requirement, meaning the business must contribute an equal amount to the grant, effectively doubling the potential investment in training.<\/p>\n\n\n\n<p>To find out your business\u2019s eligibility, you can find the criteria outlined <a href=\"https:\/\/www.gov.uk\/government\/publications\/flexible-ai-upskilling-fund\/flexible-ai-upskilling-fund-pilot-application-guidance#:~:text=Competition%20details%2Fguidance-,Funding%20available,of%20AI%20skills%20training%20only\">here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How can Moore Thompson help?<\/strong><\/h2>\n\n\n\n<p>If you wish to apply for the Flexible AI Upskilling Fund or are looking for other grant funding opportunities, having the support our team will make a world of difference.<\/p>\n\n\n\n<p>We\u2019re on hand to guide you through the entire process, from identifying the need for additional funding and researching appropriate grants to bid writing and project management.<\/p>\n\n\n\n<p>Being guided by our expertise not only increases the likelihood of securing the grant but also ensures that the process is smooth and compliant.<\/p>\n\n\n\n<p><strong>Do you need support identifying and applying for grant funding? Don\u2019t hesitate to <\/strong><a href=\"https:\/\/www.moorethompson.co.uk\/our-team\/janet-grant-services-manager\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>contact Grant Services Manager, Janet Brown, now.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Department for Science, Innovation and Technology (DSIT) has recently introduced a vital initiative targeted at small and medium-sized enterprises <a href=\"https:\/\/www.moorethompson.co.uk\/blogs\/how-smes-can-benefit-from-6-4-million-ai-training-fund\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  How SMEs can benefit from \u00a36.4 million AI training fund<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,109],"tags":[],"class_list":["post-20153","post","type-post","status-publish","format-standard","hentry","category-blog","category-grants"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/20153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/comments?post=20153"}],"version-history":[{"count":1,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/20153\/revisions"}],"predecessor-version":[{"id":20156,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/20153\/revisions\/20156"}],"wp:attachment":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/media?parent=20153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/categories?post=20153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/tags?post=20153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}