In welcome news for small and medium-sized enterprises (SMEs), the UK Intellectual Property office (IPO) has launched "IP Advance", a new financial support scheme which offers SMEs a helping hand in understanding and commercialising their intellectual property (IP) assets.
The scheme has two tiers of funding, and businesses can apply to either one, or indeed both:
Tier 1: IP Audit
- Provides a contribution of £2,250 towards the cost of an IP audit conducted by a qualified IP professional, such as the attorneys at Williams Powell.
- To qualify, the business must contribute £750 towards the overall cost of the audit.
- A bespoke audit report will set out a proposed IP strategy, including recommendations, cost projections and a suggested timeline for implementation.
Tier 2: IP Access
- Provides a contribution of up to £2,250 towards the cost of receiving advice from an IP professional on implementing or progressing an IP management strategy.
- To qualify, the business must contribute at least 50% of the cost of the services carried out by the IP professional.
- N.B. IP Audit is not a prerequisite for receiving IP Access funding.
For businesses in the early stages of their IP journey, IP Audit could help them gain a better understanding of the commercial value of their assets before developing an IP strategy. It is worth noting that an IP audit report will also be of interest to potential investors, offering a clear picture of the business's IP assets and roadmap for commercialisation.
With an IP strategy already in place, IP Access can help facilitate its implementation and/or progression.
Are you eligible?
The scheme is only available to SMEs, that is, companies having fewer than 250 employees and an annual turnover of less than €50 million (approximately £36 million).
How to apply
You can apply for funding by contacting one of the following regional partners, directly or via their websites:
England: This email address is being protected from spambots. You need JavaScript enabled to view it.
Scotland: This email address is being protected from spambots. You need JavaScript enabled to view it., Highlands and Islands Enterprise, South of Scotland Enterprise
Northern Ireland: This email address is being protected from spambots. You need JavaScript enabled to view it.
Wales: This email address is being protected from spambots. You need JavaScript enabled to view it.
How can we help?
Although businesses are required to apply directly via the regional partners, we are able to provide the audit and implementation. At Williams Powell, we have significant experience in providing tailored IP support to companies of all sizes, and in a variety of technical fields. We understand that the need to lay out (or reconsider) an IP strategy often comes at the crucial points in a business's life, when resources will be stretched. We are very pleased to see the launch of the IP Advance scheme which offers a much-needed financial boost to help smaller enterprises deploy this powerful commercial tool.
Please do get in touch if you would like to discuss how we can support you via the IP Advance scheme, or if your business is not eligible but would nevertheless benefit from bespoke IP advice.