IP Advance: financial support for intellectual property audits available to SMEs
Intellectual property (IP) is a valuable asset for almost every business, yet many businesses may lack full oversight of their IP portfolio or an understanding of how best to protect it. In today's competitive market, safeguarding your IP isn’t just important; it’s essential for maintaining a competitive edge and long-term business success.
To support this, the UK Intellectual Property Office (IPO) has launched a financial support scheme for small and medium-sized enterprises (SMEs) called IP Advance. This initiative offers part-funding for professional IP advice to help businesses better understand their IP assets, develop a comprehensive IP strategy, and where appropriate, provide support to implement that strategy effectively.
What funding is available?
IP Advance offers two levels of financial support:
- IP Audit: This provides part-funding of £2,250 (including VAT) towards the cost of an IP audit, conducted by a qualified IP professional. The business must contribute £750 (including VAT) towards the total cost of the audit.
- IP Access: This level offers up to £2,250 (including VAT) in funding for professional IP advice aimed at advancing an IP management strategy or acting on recommendations from an IP audit. To qualify, businesses must contribute a minimum of 50% of the IP professional’s fees under the IP Access program.
Businesses can apply for one or both levels of funding; receiving IP Audit funding is not a prerequisite to receiving IP Access funding.
What is an IP audit?
An IP audit is a strategic review of a business’s existing IP assets and the identification of potential IP assets. This process creates an inventory of IP assets, allowing businesses to make informed, proactive decisions about IP management and strategy.
An IP audit can help businesses:
- Identify unused or underutilised IP assets
- Clarify ownership of these assets
- Identify patentable technology, registerable trademarks and designs
- Spot potential IP-related risks or threats
Following the audit, businesses will receive a bespoke IP audit report outlining recommendations, cost projections and a suggested timeline for implementing the IP strategy. Additionally, businesses will receive a follow-up meeting with the IP professional to review and discuss these recommendations, enabling them to prioritise actions that best support their business goals.
Who is eligible?
IP Advance is available to businesses for which IP is, or will be, an essential part of their growth plans. The business must also fit the UK Government’s definition of an SME, which means that it must have:
- a maximum turnover of £36 million;
- a maximum balance sheet total of £18 million; and
- a maximum headcount of 250 employees.
How can you apply?
Applications are made via one of the IPO’s regional partners, which in England is Innovate UK Business Growth.
Innovate UK Business Growth will be able to discuss with you whether your business would be suitable to apply for IP Advance funding. If you are advised to proceed, you will then be asked to complete an application form which will identify how your business would benefit from receiving support from an IP specialist. This application will be sent via your Innovation Manager to the IPO on your behalf.
Once approved, you will then need to appoint a firm of UK IP professionals, such as LCF Law, which will be able to provide the required advice.
Why choose LCF Law as your IP professional?
Our intellectual property solicitors bring in-depth knowledge and years of experience, enabling us to quickly identify the relevant commercial and legal issues, and to work with you towards achieving your objectives in a timely and cost-effective manner.
If you’d like to know more about the IP Advance scheme or would like an introduction to the Innovate UK team, please contact either James Sarjantson on 0113 201 0401 – ku.oc1733142274.fcl@1733142274nostn1733142274ajras1733142274j1733142274 or Thomas Taylor on 0113 204 0407 – ku.oc1733142274.fcl@1733142274rolya1733142274tt1733142274.
