A £2.4 million project to place 350 fresh academic minds in ambitious businesses across the region is being introduced by Highlands and Islands Enterprise (HIE).

Over the next three years small and medium sized businesses and social enterprises from across the region will be supported to employ university students, graduates and post-graduates for up to a year. The new employees will focus on innovative projects the business otherwise would not be able to progress.

'Talent Scotland Graduate Placement Programme' comprises three tailor-made strands which will allow these businesses to tap into the latest research, theory and technological developments in their fields.

"Encouraging innovative thinking in business directly affects productivity, competitiveness and growth. The graduate programme will provide a way for hundreds of Highlands and Islands businesses to think innovatively while giving tomorrow's entrepreneurs vital experience in a full-time job.

Survey figures indicate we have a lower number of graduates in the Highlands and Islands workforce than the Scottish average. We want more young people to see the range of opportunities that exist in the region and to stay here or return after they have finished their study to work," said HIE Chair William Roe.

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HIE has invested £1.375 million and in addition has also secured £769,000 from the European Regional Development Fund. Partners include the Scottish Government, the Scottish Funding Council, Skills Development Scotland, the Technology Strategy Board and has support of Scotland's universities.

Keith Brown, Minister for Skills and Lifelong Learning, said: "The creation of more direct links between business and universities will stimulate further innovation and enhance business performance across the area. This programme offers a valuable opportunity for young people leaving university to gain a foothold in small and medium sized businesses in some of our most rural and fragile communities."

The programme has a strong focus on supporting businesses in some of Scotland's most rural and remote areas. All placements are paid and there is a sliding scale of wage subsidies available depending on where the business is located. In fragile areas and areas of employment deficit there is 60% support for the Graduates into Business strand, which can last for between six and 12 months.

In addition there is an eight week summer placement project for undergraduates.

A third initiative being incorporated into the programme creates a partnership between the business and a University department. This involves the placement of a highly skilled graduate who works between the University and the business to transfer knowledge. These intensive Shorter Knowledge Transfer Partnerships (KTP) are designed to run for between a 10-40 week period.HIE has set an ambitious target of seeing 60 partnerships to be established over the next three years.

The partnership programme has been designed to meet the needs of business while developing the skills and experience of the young people who will shortly be working for them.