More than £6m AI upskilling fund launched to help SMEs
2nd May 2024
From 1st May, SMEs can bid for a share of £6.4m to help train their workforce to use artificial intelligence and in turn boost productivity and efficiency.
Sectors set to benefit include law, accountancy, scientific research and human resources, with the UK Government making up to £10,000 available for each business so they can embrace cutting edge and efficiency boosting new technology.
SMEs in these areas will be able to tap into the power of AI to streamline tasks, boost productivity, and drive growth. This could include accountants using generative AI tools such as ChatGPT to draft documents, develop new software which could help to tackle fraud, and legal professionals harnessing the power of AI to analyse lengthy documents such as contracts to provide concise summaries, freeing up time to focus on other critical areas.
With the support of the Department for Science, Innovation and Technology, Innovate UK and The Alan Turing Institute have developed this new framework for businesses, to identify the skills and knowledge their employees might need to use AI in the workplace and make the most of emerging technologies.
Technology Secretary Michelle Donelan said:
“Businesses of all sizes and across all sectors, from architecture to law and HR to advertising, are identifying the huge benefits that AI can bring in helping staff boost their productivity while cutting business costs.
I have launched this new pilot to help SMEs interested in AI adoption make it a reality by contributing towards the cost of upskilling their employees – ultimately increasing efficiency so companies can retain a competitive edge in an increasingly digital world.”
Find out more about Flexible AI Upskilling Fund pilot: open for applications
