What is the AI Upskilling fund?
This fund aims to increase AI adoption and productivity by incentivising greater employer-led investment in skills and training.
Eligible businesses can apply for funding for up to 50% of the cost of AI skills training and other AI upskilling activities. This aims to support employees to develop their technical skills and/or understanding of AI, helping them develop, deploy, or use AI in their role.
Eligible training, courses and certification programmes will include, but are not limited to:
- off-the-shelf training courses
- classroom learning
- online or distance learning
- certification or accreditation programs
Third party development of bespoke training or learning resources may also be included, as long as the resources are for the individual business and not already available in the market.
The training must start no earlier than the date that the grant funding agreement is signed by both parties (expected September 2024) and end no later than 31 March 2025.
Funding is for the delivery of AI skills training only. It is not for the cost of:
- purchasing of AI technologies
- business advice or consulting
- recruitment activity
- work placement or internship salaries
- capital expenditure
Who can apply?
To apply, you must be a representative of an individual business and the business must:
- be registered and operate in the UK
- employ between 1 to 249 employees in the UK
- be defined as an SME per the BEIS SME action plan: 2022 to 2025
- have been operating for at least 1 year at the time of application
- operate in the Professional and Business Services sector, which includes businesses such as:
- Activities of head offices, management consultancy
- Advertising and market research
- Architectural and engineering
- Legal activities/accounting, bookkeeping and audit
- Office administration and other business support activities
- Recruitment and employment activities
- Scientific research and development
You can see the full list of SIC codes covered via the Gov.uk link at the bottom of this article.
How much funding can we get?
The aim of the pilot is to subsidise the cost of AI skills training by 50%. For example, a medium-sized business can apply for up to £10,000 of grant funding to pay for 50% of AI skills training which costs £20,000.
The maximum funding available per applicant is based on the business size, as noted below:
Business size – Micro
- Headcount – Under 10
- Turnover Under – €2 million
- Balance sheet total – Under €2 million
- Maximum grant funding available (per applicant) – £2,500
Business size – Small
- Headcount – Under 50
- Turnover Under – €10 million
- Balance sheet total – Under €10 million
- Maximum grant funding available (per applicant) – £5,000
Business size – Medium
- Headcount – Under 250
- Turnover Under – €50 million
- Balance sheet total – Under €50 million
- Maximum grant funding available (per applicant) – £10,000
How can I apply for the AI Upskilling Fund?
The application window will close on 18 August 2024 and award letters issued in September 2024.
To apply you will need to complete the online application which requires:
- General details on your organisation: Such as legal name, type, registered address etc
- Contact details: For a lead contact to handle all correspondence
- Details to confirm your business eligibility: Such as your SIC code, employee number, latest published turnover and balance sheet total, date of incorporation)
- Details to confirm your training eligibility: UKPRN of training provider or name and accreditation number of awarding organisation, the course and supporting links, the skills / level / nature and purpose of the training
- Application summary: Set out how you intend to utilise the training provided to overcome the complex AI challenges faced in your industry. What benefits to you expect to see within your business?
Further details
For more information about the AI Upskilling Fund you can visit the Government’s guidance on Gov.uk here.
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Leighton is Managing Partner at Rouse Partners and supports a wide-ranging client portfolio. He also specialises in business advisory and corporate finance work.