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Start-Ups and SMEs – Get funding for an intellectual property audit
The UK Intellectual Property Office (UKIPO) has reintroduced its IP Advance scheme which enables eligible start-ups and SMEs to receive funding for some intellectual property (IP) services. The services for which funding is available include an IP Audit, guidance on developing an IP strategy, and even funding towards implementing the IP strategy (such as professional fees for preparing patent, trademark and registered design applications).
This scheme is a great way for companies at an early-stage in their interactions with IP to take stock of their current position and identify how they can protect their important assets going forward. This can include copyright, registered trade marks, patents, registered designs, and trade secrets.
What can be funded?
There are two tiers of funding, and businesses can apply for either or both:
Tier I – IP Audit Funding.
An IP Audit is designed to provide an overview of IP issues and opportunities for the business. This could include what IP the business already has, and how this could be protected. The IP Audit includes an initial meeting with an IP Professional (such as Boult) to discuss the business, its IP-related requirements, and to agree the scope of the audit. Boult will then produce a written IP Audit report with recommendations, cost projections and a suggested timeline for implementation. Finally, there is a follow-up meeting with Boult’s patent or trademark attorney(s) to discuss the report’s recommendations and answer any questions you may have.
Tier II – IP Access Funding.
This can be used to cover the cost of services related to commercialisation of IP, management of IP, and professional fees for preparation of patent, trademark, and registered design applications (amongst other things). This funding is particularly designed to contribute to the implementation of recommendations produced from an IP Audit, however, it is not necessary to have had an IP Audit performed before you can apply for IP Access funding.
How much funding is provided?
For the IP Audit Funding (Tier I funding), the UKIPO will provide £2250 towards a £3000 audit. Therefore, the cost to businesses of this service is £750 (All prices are inclusive of VAT).
For IP Access Funding (Tier II funding), the UKIPO will provide up to 50% of the costs for the services provided, up to a maximum of £2250 (inc. VAT).
Is my business eligible?
To be eligible, your business must be enrolled with one of the following business support services (known as “Providers”):
Your company must also fit the UK government definition of micro-, small-, or medium-enterprises; a medium enterprise is defined as a company having a turnover under £36m, a balance sheet total less than £18m, and fewer than 250 employees. In practice, this represents the upper limits for the scheme.
Applications for funding are assessed by Advisers at the above organisations.
One of the considerations for applications is whether the Business has the capacity (including financially) to implement potential actions arising from participation in the scheme. This is important because protecting your IP rights will generally go well beyond the IP Audit and/or IP Access Funding. The Adviser wants to make sure that your business will be able to take your IP forward beyond the available funding.
How do I access the scheme?
If you are receiving advice from an Adviser at any of the above business support services, contact them in the first instance.
If you are not currently receiving advice, contact Innovate UK Business Growth using their web-form, expressing an interest in IP Audit and/or IP Access Funding. You could also consider one of the other Providers depending on your geographic base.
You are advised to have completed the UKIPO IP Health Check before applying for the scheme.
Once you have applied for the scheme with your Provider, you can get in touch with us at boult@boult.com, with a few details of your business and we will put together a suitable team with expertise in your area.
Not eligible?
If you are not eligible for the scheme, but would like to discuss your IP needs, please contact boult@boult.com, and we will be able to advise you.
Who are Boult?
Boult are well-placed to provide comprehensive intellectual property advice, with a pan-European team of patent and trademark attorneys, experienced in helping businesses of all sizes. The core principles of the firm are quality, market understanding and sound judgement – constant themes since our founding in 1894.
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