20/08/2024
The UK Intellectual Property Office (UKIPO) has recently launched their new financial support scheme called “IP Advance”.
The IP Advance scheme builds on the success of the previous IP Audit and IP Access schemes and allows eligible small and medium sized enterprises (SMEs) to access funding for various intellectual property (IP) related matters.
Overview of the IP Advance Scheme:
The IP advance scheme has two levels of funding:
1. IP Audit:
- provides part-funding of £2,250 (including VAT) towards the cost of an IP audit, conducted by a suitably qualified IP professional, such as Reddie & Grose LLP.
- the business itself must contribute £750 (including VAT) towards the overall cost of the audit.
- in return, the business will receive a bespoke IP Audit report with recommendations, cost projections and a suggested timeline for implementation prepared by the IP Professional, effectively an IP strategy report.
- as part of IP Audit, the business will also have a follow-up meeting to discuss the report’s recommendations with the IP Professional who prepared the report.
2. IP Access:
- provides a contribution of up to £2,250 (including VAT) for IP professional advice to progress an IP management strategy or implement recommendations from their IP audit.
- the business itself must contribute a minimum of 50% towards the cost of the services carried out by their IP professional under IP Access to qualify for support.
A business can apply for one or both levels of funding. It is not a requirement to have received IP Audit funding before receiving IP Access funding.
The decision on which level of funding to obtain will largely be down to the where the business is in their innovation journey.
- IP Audit is focused on helping a business evaluate their current and potential IP to develop an IP strategy. Therefore, this level of funding is particularly useful for a business at an earlier stage in their IP journey.
- IP Access is useful for providing the funding and professional advice necessary to implement an existing IP strategy, for example proceeding with filing a patent application. The strategy may have been pulled together using the IP Audit or through other means.
Is your business eligible?
The scheme is only available to SME’s, therefore, to be eligible for the scheme a business will need to fit the UK government’s definition of micro-entity, or small or medium enterprise. This includes having less than 250 employees and an annual turnover of less than €50 million.
How to Apply
The IP Advance scheme is delivered exclusively through the following regional organisations:
- Innovate UK Business Growth;
- Welsh Government;
- Scottish Enterprise;
- Highlands and Islands Enterprise;
- South of Scotland Enterprise; and
- Invest Northern Ireland.
Therefore, in order to apply it is necessary to be actively engaged with one of the above-mentioned organisations. If you are not currently engaged with one of the above-mentioned organisations, we suggest reaching out directly or contacting Reddie & Grose LLP and we can help you make the necessary connections.
Applications for funding via the IP advance scheme are assessed by the above organisations and are not guaranteed.
How can we help?
Reddie & Grose LLP have experience working with SMEs and have successfully supported businesses using the previous schemes. As a result, we are ideally placed to support businesses who wish to utilise the IP Advance scheme to meet their commercial goals.
Reddie & Grose LLP also have experience supporting those businesses who are not eligible for the scheme but would still benefit from building and implementing an IP strategy.
We are pleased to see the development and progression of the existing support provided to SMEs. We are hopeful that the new IP Advance scheme will encourage even more SMEs to at least explore their current / potential IP position and obtain valuable IP advice at the early stages of their business progression, where it is arguably the most vital time to invest in IP management and protection.
This article is for general information only. Its content is not a statement of the law on any subject and does not constitute advice. Please contact Reddie & Grose LLP for advice before taking any action in reliance on it.
