UK IPO re-launches funding to support businesses with intellectual property audits
Businesses thrive on ideas, which means knowing the full extent of your Intellectual Property (IP) is crucial.
Without this knowledge, others may easily copy and exploit your innovations, potentially diminishing your business’ value. Additionally, a comprehensive grasp of your IP portfolio ensures you can strategically leverage these assets, fostering growth and competitive advantage as well as maximising your business’s full potential.
By safeguarding your IP, you not only protect your current value but also pave the way for future opportunities and success.
New funding available
The Intellectual Property Office (IPO) has launched its IP Advance scheme to support businesses with up to £4,500 worth of funding designed to provide the right support to businesses at the right stage in their innovation journey. It provides access to targeted IP advice and support to help businesses understand their IP, develop an IP strategy, and, where appropriate, implement the IP recommendations.
There are two tiers of funding available, and businesses can apply for one or both tiers.
Tier 1 - IP audit
Tier 1 provides funding towards an IP Audit conducted by a suitably qualified IP Professional to identify and evaluate a business’ IP assets, identify potential risks and vulnerabilities and make strategic recommendations on how to manage, protect and exploit them. The IPO will fund £2,250 (including VAT), and the business will be required to contribute £750 (including VAT).
Tier 2 - IP strategy
Tier 2 provides a contribution towards professional advice to progress an IP strategy, including implementing the strategic recommendations from an IP Audit. The IPO will fund up to £2,250 (including VAT), and the business must contribute a minimum of 50% of the cost of the work carried out by its chosen IP professional.
Apply for funding now
If you’d like to discuss your options with us, please contact Tom Justice on 0191 211 7913 or email [email protected].