The UK Intellectual Property Office (IPO) recently announced the welcome return of their IP Advance scheme (also known as the IP Audit scheme), which offers much-needed funding to SMEs looking to understand, protect and commercialise their intellectual property (IP) assets1. Here's our quick guide to how the scheme works.
What is IP Advance?
The IP Advance scheme enables SMEs to claim money towards various IP-related services. There are two levels of support, and business can apply for either or both:
Level 1 – IP Audit provides part-funding of £2,250 (including VAT) towards the funding of an IP audit, with the company required to contribute £750 towards the overall cost. IP audits are conducted by a qualified IP professional (such as a trade mark attorney or patent attorney) and are designed to help companies and individuals find out what IP they own and how it could be protected or commercialised.
Level 2 – IP Access provides businesses with up to 50% of the cost of further professional advice or services related commercialising their IP – such as the preparation of trade mark, patent or design applications – up to a maximum of £2,250 (including VAT). This funding is designed for progressing or implementing recommendations from an IP audit. However, companies can still apply for IP Access funding even if they've not applied for IP Audit funding.
How can I apply for IP Advance funding?
The scheme is being delivered exclusively through the UK IPO's regional business growth partners:
- England – Innovate UK Business Growth
- Scotland – Scottish Enterprise, South of Scotland Enterprise, and Highlands and Islands Enterprise
- Northern Ireland – Invest Northern Ireland
- Wales – Welsh Government
You can apply for funding for your business by contacting the relevant regional partner via one of the links above. Since the scheme is only open to SMEs, your business will need to meet the UK government definition of a micro-entity, or small or medium enterprise, including having fewer than 250 employees and an annual turnover of less than €50 million2.
What does this mean for SMEs?
Intellectual property can be a major asset for SMEs, but IP strategy often falls by the wayside for smaller companies which have a million other calls on their finances. It is often when companies are particularly stretched – for example in the early stages in a company's growth or when launching a new product – that IP advice is most valuable. This scheme supports businesses in getting the advice they need by reducing the financial outlay required to get timely professional advice.
Footnotes
1. https://www.cipa.org.uk/news/uk-ipo-launches-new-sme-financial-support-scheme-ip-advance/
2. FCDO Small to medium sized enterprise (SME) action plan, 2 May 2023, https://www.gov.uk/government/publications/fcdo-small-to-medium-sized-enterprise-sme-action-plan/small-to-medium-sized-enterprise-sme-action-plan
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