Unlock Your IP Potential: New Funding Schemes for SMEs
The UK Intellectual Property Office (IPO) has introduced a new financial support scheme, IP Advance, which aims at supporting small and medium-sized enterprises (SMEs). This tiered funding program is designed to provide targeted support to SMEs at various stages of their innovation journey, helping them understand their IP, develop an IP strategy, and implement that strategy where appropriate.
Overview of the Scheme
The IP Advance scheme offers two distinct types of funding:
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IP Audit
The popular IP Audit funding offers £2,250 (including VAT) towards the cost of an IP audit. Businesses are required to contribute £750 (including VAT). A qualified IP professional will conduct the audit, which includes a comprehensive review of business operations in order to identify potential IP that needs protection. This involves evaluating previously registered IP and examining IP clauses in existing contracts. Businesses will receive a bespoke IP Audit report containing recommendations, cost projections, and a suggested timeline for implementation. Additionally, there will be a follow-up meeting to discuss the report’s recommendations with the IP professional. Developing a clear IP strategy helps align IP assets with the overall business objectives and achieve optimal IP protection.
2. IP Access
The new IP Access grant provides up to £2,250 (including VAT) towards implementing professional IP advice and advancing an IP strategy. Businesses must contribute at least 50% of the costs associated with services provided by their IP professional under the IP Access scheme. This funding can be used for activities identified during a previous IP audit, though having completed an IP audit is not a prerequisite. Eligible activities include filing of new patent, trademark, or registered design applications.
Application Process
Businesses can apply for one or both types of funding. Receiving IP Audit funding is not a requirement for IP Access funding, provided IP-related actions have been identified during discussions with an innovation advisor. The audit must be completed by November 2024 for IP Advance participants and by December 2024 for those under the IP Access scheme.
Eligibility
SMEs engaged in a business support program with one of the UK IPO's regional partners are eligible to apply for the scheme. Applications are submitted to the IPO via a Business Advisor from the relevant regional partner. All IP Advance applications are subject to a thorough assessment process, and funding is not guaranteed.
Contact Information
For more information about the IP Access scheme and to start your application, please get in touch with us. We will connect you with a relevant regional partner who can assist with your application and provide further guidance on applying for funding.