The Department for Science, Innovation and Technology (DSIT) has announced a new fund to subsidise the cost of AI skills training. This fund will be available to small to medium-sized enterprises (SMEs) that are Professional and Business Services (PBS).
The Flexible AI Upskilling Fund pilot will make £6.4 million of grant funds available, and eligible businesses can apply for up to 50% (dependant on company size) of the cost of AI (artificial intelligence) training. The deadline to apply for this fund is May 31st 2024.
The goal of this new fund is to stimulate employer investment in AI training, address AI skill gaps in the UK workforce, and increase business productivity. This training should help employees to develop technical skills or increase their understanding of how AI can be used in their role.
Part of the motivation for this new fund is to see whether SME training increases the adoption of AI. The government believes that AI has the potential to increase UK GDP by 10.3% by 2030. In addition, businesses who adopt AI are said to be more likely to be successful than those who don’t.
Technology Secretary, Michelle Donelan, said: “Businesses of all sizes and across all sectors, from architecture to law and HR to advertising, are identifying the huge benefits that AI can bring in helping staff boost their productivity while cutting business costs.
“I have launched this new pilot to help SMEs interested in AI adoption make it a reality by contributing towards the cost of upskilling their employees – ultimately increasing efficiency so companies can retain a competitive edge in an increasingly digital world.”
Are you eligible?
Applications for funding are open to businesses who meet the following criteria include:
Registered and operate in the UK.
Employ between 1 and 249 employees in the UK.
Have been operating for at least 1 year.
Can match-fund 50% of the cost of the training and operate in the Professional and Business Services (PBS) sector.
The deadline to apply for this grant is May 31st 2024.
You can find out more about the programme, the eligibility criteria, and whether it could help your business here.
