Artificial Intelligence holds huge opportunities to drive productivity and prosperity across the UK economy. It has the potential to increase UK GDP by up to 10.3% by 2030 – the equivalent of an additional £232bn, and businesses who adopt AI are more likely to be successful than those that do not.
To support businesses and workers to harness these benefits, the Department for Science, Innovation and Technology (DSIT) is piloting a flexible AI upskilling fund to support SMEs to deliver AI training to their employees. This initial pilot will only be available to SMEs in the Professional and Business Services sector.
The Flexible AI Upskilling Fund pilot, which opened for applications on 1 May 2024, will invite eligible businesses to apply for funding to cover up to 50% of the cost of upskilling employees in AI.
£6.4m of grant funding is available, and successful applicants will receive 1:1 match-funding to procure a wide variety of AI skills training from the market, as suits their business need.
Key Messages and Objectives
Evidence shows that a lack of AI skills in businesses is hindering AI adoption, in part due to low investment in AI upskilling in UK businesses, particularly in smaller companies.
The flexible AI upskilling fund pilot aims to increase AI adoption and productivity by incentivising greater employer-led investment in skills and training.
Specifically, the pilot seeks to:
Stimulate employer investment in AI training
Measure the impact of AI upskilling on business productivity and outcomes
Address AI skills gaps in the UK workforce limiting AI adoption
Timeline
1 May 2024: Applications open via Find A Grant
31 May 2024: Applications close
Summer 2024: Awards to successful businesses
Up to March 2025: Training delivery and grant repayment