Funding support for SMEs – IP Advance

In an article entitled Intellectual Property for SMEs and start-ups: adding value and encouraging growth, Ian Grey explored the need for SMEs to have an effective strategy in place for fostering and protecting their intellectual property to maintain a competitive edge and market position.

With this in mind, SMEs should be aware of the financial support scheme provided by the UK Intellectual Property Office that offers SMEs funding for IP audit and professional IP advisory fees.

The “IP Advance programme” enables businesses with fewer than 250 employees to apply for financial support if they have engaged specialist support from one of the UK IPOs business growth partners such as Innovate UK Business Growth, who will assess the application for funding.

A Company can apply for one or both of the following two funding options:

An ‘IP Audit’ grant provides funding of up to £2,250 (Inc. VAT) towards the cost of an IP audit provided that the company contributes £750 (inc. VAT). The IP Audit includes a review of a company’s IP position and will provide an IP Audit report incorporating recommendations, cost projections, and propose a timeline for implementation.

An ‘IP Access’ grant also provides funding of up to £2,250 (Inc. VAT) for obtaining professional IP advice, provided that the company contributes a minimum of 50% of the cost, to progress an IP management strategy or to implement the recommendations from an IP audit, which can include filing patent, design and/or trade mark applications.

Once an application for funding has been accepted, the applicant needs to appoint a firm of legal advisors who will conduct the IP audit and offer the relevant professional advice. Venner Shipley have conducted many IP audits and have experience in advising clients that have obtained funding via the IP Advance scheme.

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