Once you have established what your project is trying to achieve, you’ll need to set out the tasks and stages in a workplan. This will allow you to understand which individual costs you can claim.
Where possible you should cross-reference the costs requested to the workplan that you will submit as part of your application. This will help Innovate UK understand where costs occur within the project.
The total eligible costs for a KTP project depend on several parameters:
- duration
- the nature of the work to be undertaken
- geographical location of the business partner or the project
- costs of the knowledge base
- if you are a virtual business
- where the associate will work
Your project must include the costs for:
- employing the associate
- the knowledge base supervisor
- any laboratory or office space used by the associate
- additional associate support
Knowledge base costs are calculated according to formulas which are often linked to the full economic costing (FEC) methodology.
Businesses should discuss with their chosen knowledge base which funding methodology it uses. Businesses should also note that costs can vary significantly between knowledge bases.