Start Ups and SMEs - Funding for IP Audits
Looking for help developing your IP Strategy? UK Start Ups and SMEs can benefit from £2,500 funding towards an IP Audit which is designed to help them identify and manage their IP assets and develop an effective IP strategy to grow their business. The Intellectual Property Office’s IP Audit Scheme also provides commercialisation and marketing support to ensure businesses can integrate their IP assets into their business strategy to maximise their value.
Applications for funding are made to the Intellectual Property Office through Innovate UK Edge. Successful businesses can work with their IP Professional of choice to conduct the audit which will identify protectable IP rights (e.g., patentable inventions, trade marks, designs, copyright), searches required to identify potential infringers, and review their existing IP Management System. The final audit report will make clear recommendations as to what actions are necessary to develop an effective IP Management System and to protect their IP assets. Businesses are expected to pay £500 towards the cost of the audit.
The scheme runs from April to March, and funding is allocated on a regional basis. Interested companies should contact Innovate UK Edge to engage with their regional specialist who can advise them on how best to apply for funding. As competition for funding is fierce (last year’s budget in the South East region was allocated by Christmas), and the application process takes some time to process, interested parties are advised to contact Innovate UK Edge as soon as possible. Furthermore, IP professionals should be advising their own clients to act now to maximise their chance for funding.
If you are interested in finding out more about the IP Audit Scheme, then get in touch through our Assimilate IP website. And why not join us on our “IP Essentials for Start Ups and SMEs” training webinar on 9 March where we’ll be discussing developing your IP Strategy, Protecting your IP rights, Freedom to Operate and much, much more!