Nathaniel Taylor provides an update on the latest SME financial support scheme, IP Advance, launched by the UK IPO.
In a recent article, Nathaniel Taylor discussed the importance of Intellectual Property (IP) to small and medium-sized enterprises (SMEs) and various options available to mitigate cost barriers that persist in pursuing IP protection.
One option foreshadowed in that article, was the new financial support scheme from the UK Intellectual Property Office (UK IPO), which recently launched on 15 July 2024, as a pilot.
Details of the new scheme, IP Advance, can be found here.
The new scheme has been developed following a review of the financial support measures previously available (such as the IP Audit Grant and IP Access fund) to ensure sustainability, value for money and impact.
We are pleased to see that the new scheme provides similar commitments to support SMEs, affirming the impact that such schemes have had on fostering innovation and driving economic growth.
The IP Advance Scheme: A New Era of Support
The IP Advance scheme introduces tiered financial support to help SMEs better understand their IP, develop an IP strategy and implement recommendations. Here are some key aspects of the scheme:
- Options: Two funding options are currently available:
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- 'IP Audit' – part-funding of up to £2,250 (Inc. VAT) is available towards the cost of an IP Audit prepared by a Patent Attorney. The IP Audit includes an assessment of a company's IP needs, along with recommendations, cost projections, and a suggested timeline for implementation.
Note - the business must contribute £750 (including VAT) towards the overall cost of the audit.
- 'IP Access' – contribution of up to £2,250 (Inc. VAT) is available for progressing an IP management strategy or implementing recommendations from an IP audit, such as registering IP or conducting searches. IP Access can therefore be used towards the costs associated with drafting a patent application, in a similar manner to previous schemes, reducing the costs of pursuing patent protection.
Note - the business must contribute at least of 50% towards the cost of the services carried out under IP Access to qualify for support.
- Targeted Support: Businesses can apply for one or both levels of funding and, importantly, receiving IP Audit funding is not a prerequisite to receiving IP Access funding.
- Requirements: The IP Advance scheme is available to SMEs identified as benefitting from specialist support in the management of IP-related matters, and engaged in a business support programme with one of the UK IPO's partners, who can be contacted at:
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- Innovate UK Business Growth - contact@innovateukedge.ukri.org;
- Welsh Government - intellectual.property.information@gov.wales;
- Scottish Enterprise - www.scottish-enterprise.com/contact-usorIPTeam@scotent.co.uk;
- Highlands and Islands Enterprise - www.hie.co.uk/contact-us/general-enquiries/;
- South of Scotland Enterprise - www.southofscotlandenterprise.com; and
- Invest Northern Ireland - tau-ip@investni.com.
Applications are submitted for assessment to the UK IPO via a Business Advisor from the relevant regional partner.
Other Options
The launch of IP Advance is part of a broader strategy by the UK government to support innovation and economic growth, and exists alongside other funding options and tax relief schemes, such as the Patent Box scheme, the SME Fund 2024, and IP-Backed Lending.
More details on the other options that are available to SMEs can be found here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.