SMEs: Don’t miss out on UKIPO’s new financial aid scheme

Intellectual property (IP) is a key driver of innovation and growth in the economy. A solid strategy for IP can be especially important for SMEs looking to grow their business within a competing marketplace of ideas.

This is why additional financial support is now available from the UK Intellectual Property Office (UKIPO) for SMEs through the IP Advance support scheme. This scheme aims to provide targeted IP advice and support to help businesses understand their IP needs and strategies.

The support can be broken down into two tiers. Businesses can apply for one or both tiers.

Tier 1 - IP Audit

UKIPO’s IP audit provides part funding of £2,250 (inc. VAT) towards an IP audit by a qualified IP professional, with the business contributing £750 (inc. VAT) towards the overall cost. The IP Audit report will break down and evaluate the businesses’ IP assets in order to identify risks and vulnerabilities and additionally to provide recommendations on how to manage such risks. The report will include cost projections, recommendations and a suggested timeline for implementation. As part of the audit, there will be a follow up meeting with a qualified IP professional to discuss the report’s finding.

Tier 2 – IP Access

The IP Access tier provides a contribution of up to £2,250 (inc. VAT) for professional advice to progress an IP management strategy. This could include implementing the recommendations from an IP audit. The business must contribute a minimum of 50% of the cost in order to qualify. Performing an IP Audit under this scheme is not a prerequisite for IP Access.

Applying for funding

If you are interested in applying and would like more information, please feel free to contact a member of our professional team by email at [email protected] or by telephone at +44 1332 367051. We are very happy to listen to any enquiries from new or existing clients. Further information about the scheme may also be found here.