IP Advance Fund Launched by UKIPO for SMEs to Maximise IP

Introduction:

The UK Intellectual Property Office (UKIPO) has introduced a significant step towards fostering innovation among small and medium-sized enterprises (SMEs) with its new pilot financial support program – IP Advance – launched on 15 July 2024.

IP Advance has been developed by the UKIPO in collaboration with the Chartered Institute of Patent Attorneys (CIPA) and the Chartered Institute of Trade Mark Attorneys (CITMA).

Building on the success of the previous IP Audit scheme, this initiative provides SMEs with a comprehensive two-tiered approach to understanding, protecting, and ultimately capitalizing on their intellectual property (IP) assets.

Overview of IP Advance: Tailored Support:

IP Advance is a structured funding program designed to meet the specific needs of SMEs at various points in their innovation journey. It offers two distinct levels of support; businesses can apply for one of both levels of funding:

1. IP Audit:
   • This program offers partial funding of up to £2,250 (including VAT) to help SMEs conduct a comprehensive IP audit by a qualified professional.
   • SMEs must contribute an additional £750 (including VAT) towards the total cost of the audit.
   • The audit can help identify and assess existing IP assets, uncover potential protection opportunities, and formulate a strategic roadmap for managing those assets effectively.
   • A bespoke IP Audit report will be provided to the business followed by a follow-up meeting with an IP professional to discuss the recommendations.
2. IP Access:
   • Building on the insights gleaned from an IP audit (though it can also be used as a standalone option), IP Access offers financial support of up to £2,250 (including VAT) for SMEs to take action based on the audit findings or seek further expert advice.
   • This support can involve filing patent applications, conducting freedom-to-operate searches, or receiving in-depth strategic guidance on managing and maximizing their IP portfolio.
   • SMEs must contribute at least 50% of the total cost for these services, thus making professional IP assistance more accessible.

Benefits for SMEs: A Competitive Edge Through Informed Decisions:

The combined power of IP Audit and IP Access can enable SMEs to make well-informed decisions regarding their IP. The initial audit can help provide a clear picture of their current IP position, allowing them to identify both strengths and weaknesses. IP Access then acts as a catalyst, enabling SMEs to translate audit findings into actionable strategies. This can involve crucial steps like filing patents or registering trademarks, ultimately strengthening their competitive edge in the marketplace.

Eligibility and How to Apply:

To be eligible for IP Advance, SMEs must be actively engaged in a business support program with one of the UKIPO’s established regional partners. These partners and contact details are as follows:

• Innovate UK Business Growth: contact@innovateukedge.ukri.org
• Welsh Government: intellectual.property.information@gov.wales | businesswales.gov.wales
• Scottish Enterprise: www.scottish-enterprise.com/contact-us | IPTeam@scotent.co.uk
• Highlands and Islands Enterprise: www.hie.co.uk/contact-us/general-enquiries/
• South of Scotland Enterprise: www.southofscotlandenterprise.com
• Invest Northern Ireland: tau-ip@investni.com

Applications can be submitted directly through these regional partners, ensuring a streamlined and accessible process for SMEs. All applications for IP Advance funding are subject to assessment, and funding is not guaranteed.

Investing in Innovation: A Step Towards a Brighter Future:

By making expert IP assistance more widely available, IP Advance serves as a valuable resource for SMEs across the UK. This initiative can empower these businesses to harness the true potential of their intellectual property, fostering innovation and contributing to a more vibrant and competitive business landscape.

Call to Action:

An SME interested in exploring the benefits of IP Advance should contact its local business support partner, who can assist with the eligibility requirements and application process to determine if IP Advance is the right fit.

The scheme is only available to SME’s – defined as micro-entity, or small or medium enterprise having an annual turnover of less than €50 million and less than 250 employees.

Additional Information:

For further details on IP Advance and the regional partners involved, please refer to the UKIPO website.

References:

[1] UKIPO launches new SME financial support scheme, IP Advance – https://cipa.org.uk/news/uk-ipo-launches-new-sme-financial-support-scheme-ip-advance/

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