Growth and Innovation Fund will boost investment in training and help businesses grow.
Secretary of State for Business, Vince Cable, and Minister for Skills, John Hayes, launched a £50 million a year fund to help businesses develop the skills they need to drive growth. ?The Growth and Innovation Fund (GIF) will deliver targeted help for employer groups to overcome barriers to growth within their sectors and industries. The funding could deliver new training to boost innovation and productivity, enable industries to set new professional standards, or support new or extended National Skills Academies.
BIS will invest up to £50m per year in partnership with businesses, whose investment alongside Government could deliver a total of up £100m a year.
The investment fund – which will be delivered in partnership by the UK Commission for Employment and Skills (UKCES) and the Skills Funding Agency (SFA) – invites proposals from employer organisations such as Sector Skills Councils, professional bodies and trade associations. The prospectus outlines three types of project where GIF funding and employer investment can be brought together:
- ‘Best Market Solutions’: which will invest in the best innovative ideas to drive enterprise and remove skills barriers to growth, including through the introduction of new voluntary professional standards and voluntary training levies
- National Skills Academies: expanding the successful network of National Skills Academies, which already exist in 16 sectors such as Environmental Technology, Railway Engineering and Retail
- Joint Investment Programme: bringing together employer and public investment in specific training projects which improve business productivity and growth, or address skills gaps and shortages.
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