The UK Intellectual Property Office will now contribute funding of up to £5,000 (inclusive of VAT) to support businesses better understand their IP, develop and help implement an IP strategy, and promote growth.
The IP Advance scheme includes the existing popular IP Audit service, and a new service called IP Access which will contribute up to £2,250 of the cost for services including professional fees to search and file trade mark, patent and registered design applications.
The aim of the scheme is to provide businesses with the information they need to make informed decisions about their IP and to help them protect, manage and commercialise their IP assets.
If you are a small or medium-sized business, then this scheme is for you.
The IP Audit service
An audit can help you identify the IP your business currently owns and how it could be protected.
The IP audit service provides part-funding of £2,250 (inclusive of VAT) towards the cost of an IP audit, which is conducted by a qualified IP professional, such as a Mewburn Ellis attorney. Your business will need to contribute £750 (inclusive of VAT) towards the overall cost of the audit.
The audit will include an initial meeting with your IP professional to discuss your business, your IP and your future plans. A written report will then be prepared with recommendations, cost projections and a suggested timeline for implementation. After that, you will have a follow up meeting to discuss the report and the recommendations, answer any questions and decide on next steps.
The IP Access service
This aspect of the scheme offers funding to implement recommendations from an audit but is also available for businesses who want to immediately progress their IP management strategy with professional IP advice.
The maximum funding available is £2,250 (inclusive of VAT) but you will need to contribute a minimum of 50% towards the costs of the services of your chosen IP professional. The type of work that can be funded includes advice on the management of your IP assets, licensing and franchising agreements and professional fees for searching, preparing and filing your trade marks, patents and registered designs in the UK and abroad.
Who is eligible?
Currently, your business must be registered in the UK with no more than 250 employees and have either a turnover of less than £36 million or a balance sheet total of less than £18 million.
Your business must also be engaged in a business support programme with one of the UK IPO partners. These are:
Innovate UK Business Growth (the delivery partner for England), Welsh Government, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, and Invest Northern Ireland.
Your contact within the relevant agency will also act as an advisor throughout the process, helping take your business through a series of checks before filing the application for either the IP Audit or the IP Access service, or both.
Next steps
If you are already receiving advice from one of the IPO’s regional partners, please contact us to discuss how you can benefit from the IP Advance scheme. If you are not already in contact with one of the regional partners, then we recommend that you contact the relevant organisation. For England, this will be UK Business Growth and you can use their web-form at https://iuk-business-connect.org.uk/business-growth-contact/ to ask for advice on an IP Audit and/or IP Access funding.
Once you have applied for the scheme, we will be ready to further support your business with the knowledge you need to protect and exploit your IP assets and leverage your IP to boost growth.
If you have any questions, please contact our trade mark, patent & design experts today - mail@mewburn.com.
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