Two weeks left to apply for the government AI upskilling fund
The Department for Science, Innovation and Technology (DSIT) has launched a £7.4 million pilot to fund half of the AI skills training costs for SMEs in the Professional Firms sector. The deadline for applications is 11:59pm on 18 August 2024.
The pilot, part of the £37.5 million Labour Market Evaluations and Pilots fund (LMEP), aims to boost AI adoption and productivity by encouraging more employer-led upskilling. Eligible businesses can apply for training that helps employees develop, deploy, or use AI in their role.
The objectives of the pilot are to:
- stimulate employer investment in AI training
- address AI skills gaps in the UK workforce that are limiting AI adoption
- measure the impact of AI upskilling on business productivity and outcomes
Who can apply for the funding?
Any UK SME in the professional services sector, operating for over one year, with one to 249 employees can apply for the AI upskilling fund. Businesses in the professional services sector are defined by SIC codes on the government website.
How much funding can your business apply for?
The pilot offers a 50% subsidy for AI skills training for UK SMEs in the professional services sector. The funding amount depends on your business size (see table below) and there is no minimum. The DSIT may limit or reallocate funding across different size categories.
How can the funding be used?
This pilot funds AI skills training for your employees, such as machine learning, data analysis or Governance (see government website for full list). The training must start and end between September 2024 and March 2025, and be delivered by a UK-registered provider. You cannot use the funding for technologies, business advice, recruitment, work placements, capital expenditure, or developing or delivering training for other businesses.
How can Moore Kingston Smith help?
If you’d like advice on any areas of your business you are looking to upskill, please get in touch with our professional firms specialists.
More details are available on the AI Upskilling fund Government website.