The IP Advance scheme, rolled out by the UK Intellectual Property Office (UKIPO), is here to help SMEs get a handle on their intellectual property (IP).The scheme offers two tiers of financial support, IP Audit funding and IP Access funding. The main aim of the scheme is to support SMEs in making the most of their IP assets to help drive business growth.
The first tier, IP Audit funding, subsidises the cost of a detailed IP Audit conducted by a qualified IP professional. This IP Audit generally provides a comprehensive review of the funded business' IP assets, identifying both opportunities as well as risks, and includes recommendations for executing a robust IP strategy. In particular, businesses will receive a bespoke report with actionable and prioritised recommendations, cost projections, and timelines for implementation. The IP Audit is partially funded by the UKIPO up to £2,250, with the businesses required to contribute £750. An essential component of this funding is a mandatory, one-hour, non-chargeable discussion with the IP professional to go over the report's findings and next steps.
The second tier, IP Access funding, is generally designed to help businesses implement the recommendations from their IP Audit and deliver on their IP strategy. Here, the UKIPO will match the funded businesses' costs for implementing the recommendations up to a maximum contribution of £2,250. IP Access funding can be used for a variety of services, including IP management, commercialisation, licensing agreements, IP insurance, valuation, and professional fees related to patents, trademarks, and designs. This tier is aimed at removing financial barriers to acting on IP recommendations, often experienced by SMEs, and helping those businesses make informed decisions about their IP assets.
At Marks & Clerk, we are committed to supporting you through every step of the IP Audit funding and IP Access funding scheme. Our patent attorneys, trade mark attorneys and IP solicitors are well experienced in providing expert advice and effectively using the UKIPO's IP Audit and IP Access funding. So, if you're looking for a qualified IP professional to help you efficiently use the IP Advance scheme and to make best use of your IP assets for business growth, please feel free to contact us at Marks & Clerk.
UK IPO launches new SME financial support scheme, IP Advance
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