KPMG is collaborating with Axillium, an innovation and investment agency, to increase business investment in research and development (R&D).
Based in the Midlands, Axillium was established in 2008 to guide businesses through the innovation process from early stage of R&D to delivery. The agency has supported nearly 200 organisations in moving their innovation programmes forward and helped raise more than £210million in government grant funding.
KPMG helps businesses and organisations across the UK to access R&D incentives by working with them. The team works with clients to bid, access and manage UK government funding awards whilst also identifying and forming partnerships with corporates, academia and supply chains to bring new intellectual property, products and services to market.
In response to this the new collaboration, Steven Blacker, Partner in the Claims and Incentives Group at KPMG, said: “R&D incentives are really important in encouraging and rewarding businesses to overcome challenges in their field. Our work with Axillium is all about helping more businesses access and use the funding available to drive innovation and make those advances.
“Ultimately, this is in line with the Government’s Industrial Strategy to raise total R&D investment to 2.4% of the UK economy over the next eight years and bolster science and technology-led growth.”
The Industrial Strategy is a long-term plan set by the government aiming at backing businesses financially to strengthen the UK economy whilst creating more jobs through investments in skills, infrastructure, and industries.
Will Searle, Founder and Director of Innovation and Investment at Axillium, said: “Working together with KPMG across the UK is a major step in Axillium’s evolution. Together we will be able to expand our innovation management support to organisations of all sizes as they develop industrial-scale innovation challenges across growing markets.”
This new collaboration comes at a time where the government has been criticised for its lack of expenditure on R&D support amidst Brexit uncertainty which has led to a decrease in private investment in the UK. Yet, the number of R&D tax credit claims by SMEs continues to rise, showing a positive forecast for the government strategy.