The Department for Education has invited employers, Higher Education and Further Education providers to apply for funding as part of its 170 million scheme to set up new Institutes of Technology (IoTs) across the UK.
"Institutes of technology will play a vital role driving our skills revolution with business and unlocking the potential of our country's young people through better technical education," said education secretary Justine Greening. "By bridging the country's skills gaps, these new institutions will drive growth and widen opportunity."
IoTs will unify businesses and educators to help teach people the skills that are desperately in demand under the STEM umbrella.
They will open up training opportunities to a wide cross-sector of society, on a local, regional and national scale from 2019 when the institutes are expected to open their doors to the first students, according to the government.
"This Government continues to invest in developing our homegrown talent so British business has the skills it needs and so that young people can get the opportunities they want," Greening continued.
The competition forms part of the government's wider mission to develop the UK's skills in areas it's lacking talent. These were highlighted at the Department for Education's Skills Summit that took place at the end of November. It brought together the education industry and business leaders to discuss how the two groups can work together to eradicate skills gaps in the future.
"We are determined to work in partnership with business to provide them opportunities to match the talent across the country," Greening said at the Skills Summit. "That is why this government is investing billions in technical education and why today I am calling on employers to bring their innovation, creativity and commitment to technical education reform."
The funding builds on the government's previous commitments through the Digital Skills Partnership announced in March, which promised to offer four million free skills training opportunities. Under the partnership, Lloyds banking group committed to training 2.5 million people, charities and SMBs by 2020.
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