Growth and Innovation Fund: Phase Two
The Growth and Innovation fund helps employers develop their own innovative, sustainable skills solutions with the potential to transform growth in their sector, region or supply chain. The government will be providing £34 million for 2012-13 and there is still £29 million available to bid for.
With matched funding from businesses, there will be around £60 million available under the GIF this year. Comparable levels of investment are planned for the following two years.
Rather than having one annual funding round, GIF will be open for business all year round, meaning proposals can be submitted whenever they are ready to be considered for investment.
The Skills Funding Agency and the UK Commission for Employment and Skills (UKCES) will work with the successful co-funded projects to make sure they have the best chance of fulfilling their promise to make a significant impact on enterprise, jobs and growth.
Geoff Russell, Chief Executive of the Skills Funding Agency said:
"We look forward to working with employers and their representative organisations to find innovative and sustainable solutions to tackle skills gaps in their sectors. The Growth and Innovation Fund will secure a greater commitment from employers to invest in the skills they need, so creating jobs and Apprenticeships, driving enterprise and increasing their overall productivity in support of the growth agenda."
The funding is already supporting 15 projects across the country deliver new training to boost innovation and productivity, enable industries to set new professional standards, or support new or extended National Skills Academies.