The UK Intellectual Property Office has introduced IP Advance, a new financial support scheme intended to support small and medium-sized enterprises (SMEs).
The scheme is a tiered funding programme, designed to help SMEs with evaluating their current and potential intellectual property (IP), as well as obtaining professional advice to implement an IP strategy.
There are two tiers of support available: IP Audit, and IP Access.
Businesses can apply for one or both levels of funding. Therefore, in contrast to previous schemes, an IP audit need not be conducted before applying for IP Access funding, which may be used against the cost of securing IP protection.
IP Audit
IP Audit gives SMEs access to part-funding of £2,250 (inclusive of VAT) towards the cost of an IP audit – an evaluation of their IP, carried out by a suitably qualified IP professional, such as an attorney at Forresters. The SME must contribute £750 (inclusive of VAT) to the cost of the audit. The business will then receive an IP Audit report, containing recommended actions, a projected timeline for implementing the suggestions, and estimated costs. The Forresters attorney who carried out the audit will also arrange a follow-up meeting to discuss the report.
IP Access
IP Access provides SMEs with up to £2,250 (inclusive of VAT) in funding to access advice from an IP professional, to implement recommendations from their IP Audit, or to progress their overall IP strategy, such as by filing patent, trade mark or design applications. The SME must contribute at least 50% of the overall cost of the services of the IP professional to qualify for this funding.
How can businesses apply?
This service is not offered directly by the UKIPO. It will instead be delivered by the IPO’s regional UK partners: Innovate UK Business Growth, Welsh Government, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, and Invest Northern Ireland.
Businesses wishing to apply for this funding will need to apply through their relevant regional partner. The Forresters team can provide further guidance to any business keen to make use of the scheme, and also aid in making suitable introductions to the appropriate IPO regional partner.
What does this mean for SMEs?
Funding is available to support businesses in taking advantage of IP to meet their commercial aims. IP Audit provides funds to aid SMEs in understanding their IP and identifying an appropriate IP strategy. IP Access provides funds to aid in putting their strategy into place, such as by filing for suitable IP protection.
Forresters is pleased to see the implementation of IP Advance, representing the evolution of support offered to SMEs by the UKIPO. With significant experience in working with clients on previous schemes, the Forresters team is ideally placed to support businesses in making best use of this new package of support.
