IP Funding schemes return to support innovative SMEs
The UK Intellectual Property Office (UKIPO) has just released details of the updated funding programme directed to supporting SMEs during innovation, IP Advance.
The scheme includes two levels of support, IP Audit and IP Access, designed to allow SMEs to access advice and support to help understand and develop an IP strategy and potentially implement that strategy.
IP Audit
IP Audit provides part-funding of £2,250 (including VAT) towards the cost of an IP audit, conducted by a qualified IP professional such as a Barker Brettell attorney. The business contributes £750 (including VAT) towards the overall cost of the audit.
The business will receive a bespoke IP Audit report with recommendations, cost projections and a suggested blueprint for implementation. As part of the IP Audit the business will also have a follow-up meeting to discuss the report’s recommendations with the IP professional. You can read more about the benefits of an IP Audit here .
IP Access
IP Access provides a contribution of up to £2,250 (including VAT) for IP professional advice to progress an IP management strategy, or to implement recommendations from an IP audit. This could include filing a patent, registered design, or trade mark application, or more bespoke work such as a clearance search or Freedom to Operate review. The business must contribute a minimum of 50% towards the cost of the services carried out by their IP professional under IP Access to qualify for support.
The funding support is slightly less generous than the previous scheme (with businesses now required to contribute £750 for an audit rather than £500 under the old scheme, and to fund at least 50% of the cost of the IP Access work). However, businesses can now apply for one or both levels of funding. Unlike the old scheme, receiving IP Audit funding is not a prerequisite to receiving IP Access funding.
Like the previous scheme, IP Advance is delivered through one of Innovate UK Business Growth, Welsh Government, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, and Invest Northern Ireland depending on the region the potential applicant is based.
If you are unsure who best to contact, we can point you in the right direction. Similarly, if you have any questions about IP Audits, the IP Advance scheme, or how to use IP to benefit your business, please contact the author or your usual Barker Brettell attorney.
