Funding

The two tiers of funding support available are:

Tier 1: IP Audit

• Funding towards the costs of an IP audit conducted by a qualified IP professional.
• IP Audit provides funding of £2,250 (inc. VAT), provided that the business contributes £750 (inc. VAT) towards the overall audit cost.

Tier 2: IP Access

• Funding towards professional advice to progress IP strategy or implement audit recommendations. This may include anything from the filing of new properties, through to commercialisation and protection of existing IP.
• IP Access matches the business’ contributions towards IP services, up to a maximum of £2,250 (inc. VAT).

IP Advance funding will be delivered though the UKIPO’s regional partners. In England, the recognised partner is Innovate UK Business Growth.

What is an IP Audit?

An IP audit provides an analysis of the IP assets owned by your business, to allow you to best manage and protect them. This may involve an overview of your assets’ commercial potential and any potential risks. An audit may also highlight any unused or under-utilised assets, and any potential future IP.

Following an audit, a strategy can then be developed so as to protect and maximise the value of your company’s intellectual assets.

IP Audits and further strategy: How we can help

Our Intellectual Property lawyers are experts in handling all manner of IP issues, including the conduct of IP audits. We regularly act for businesses in considering their risk profile and managing their assets and IP strategy. As well as advising on existing IP, we also support our clients throughout the whole IP life cycle, from development, through to marketing, commercialising, protection and enforcement.

If your business would benefit from the funding offered by the IP Advance scheme and would like to consider next steps, please contact Alan Harper or Matthew Lingard for further information and advice. Our IP team will be able to place you in contact with the relevant parties that coordinate funding.

[1] An SME is any organisation that satisfies at least two of: fewer than 250 employees; a turnover of less than £36 million; a balance sheet total of less than £18 million (s465, Companies Act 2006).

Sources:

“Build your capacity for innovation to grow and scale” by Innovate UK

“UK IPO launches new SME financial support scheme, IP Advance” by CIPA