UK IPO launches new SME financial support scheme – IP Advance: The UK Intellectual Property Office has just released details of their updated funding programme. We ask Phil Colbran (UK and European Patent Attorney at Barker Brettell) for details on how this could be used to protect the innovations in your business.
The UK Intellectual Property Office (UK IPO) has just released details of the updated funding programme for supporting SMEs during innovation, IP Advance. We spoke to Phil Colbran (UK and European Patent Attorney at Barker Brettell) for an overview of the revised financial support scheme.
He explains that the scheme includes two levels of support – IP Audit and IP Access. These schemes are designed to allow SMEs to access targeted advice and support at the right stage in their innovation journey. Specifically it helps businesses to understand and develop an IP strategy, and specialist support to implement that strategy.
IP Audit provides part-funding of £2,250 (inc. VAT) towards the cost of an IP audit, conducted by a qualified IP professional. Your business contributes £750 (inc. VAT) towards the overall cost of the audit.
You’ll then receive a bespoke IP audit report with recommendations, cost projections and a suggested blueprint for implementation. As part of this service, you’ll also have a follow-up meeting to discuss the report’s recommendations with your IP professional.
IP Access provides a contribution of up to £2,250 (inc. VAT) for IP professional advice to progress an IP management strategy, or to implement recommendations from an IP audit.
This could include filing a patent, registered design, or trade mark application, or bespoke work such as a clearance search or Freedom to Operate review. Your business must contribute a minimum of 50% towards the cost of these services under IP Access to qualify for support.
IP Audit and IP Access are designed for SMEs to provide access to advice and support to help understand, develop, and potentially implement an IP strategy.
The funding support is slightly less generous than the previous scheme; businesses will now contribute £750 for an audit rather than £500 under the old scheme, and will fund at least 50% of the cost of the IP Access work. However, businesses can now apply for one or both levels of funding. Unlike the old scheme, receiving IP Audit funding is not a prerequisite to receiving IP Access funding.
Like the previous scheme (IP Advance), both schemes are delivered exclusively through your regional partner: Innovate UK Business Growth, Welsh Government, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, or Invest Northern Ireland.
If you’d like to know more, contact us and we’ll introduce you to Phil. Or you can email him directly.
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