By Dr Phil Merchant
Are you a small business looking for additional funding for your Intellectual Property (IP) strategy? If you are a start-up or SME looking for additional funding to fund your IP goals, then you should consider applying to the UK Intellectual Property Office’s ‘IP Advance’ scheme.
Previous versions of the scheme have been very successful. The scheme does not just provide a path to obtaining registered IP, but can increase an SME’s confidence in IP. A survey performed by the UK Intellectual Property Office reported that following an IP Audit, 95% of SMEs had the ability to identify IP in their business (up from 34%) and 92% of SMEs reported expecting the IP Audit to have a positive or very positive impact on their business.
The scheme is also incredibly popular – out of a total of 260 available grants for this year, 170 have already been allocated in just the first three months of the scheme. So if you are seeking IP funding, read on below and take action soon!
What is IP Advance?
IP is an important part of commercialising innovation, but it can be costly. IP Advance is a programme designed to provide much-needed funding to support businesses in formulating and then pursuing an IP strategy.
IP Advance can provide up to £4500 (including VAT) in funding to a business for IP services from an IP professional (such as Marks & Clerk LLP). This funding is provided by the UK Intellectual Property Office, in two tiers:
Tier 1 funding (IP Audit) provides £2250 (incl. VAT) toward an IP Audit to be conducted by a qualified IP professional. The business will be required to contribute £750 (including VAT).
Tier 2 funding (IP Access) provides £2250 (incl. VAT) toward professional advice to progress an IP strategy. The business will be required to contribute at least 50% of the total cost of the services of the IP professional.
The purpose of an IP audit is to provide a business with initial high-quality IP advice to identify IP-related opportunities and risks associated with their business, and to provide recommendations for exploitation and management.
The purpose of IP Access is to provide deeper analysis and more granular services than the IP audit, for example to support the business in implementing the recommendations of an IP Audit. The funding can be used for preparation of patent or trade mark applications. IP Access cannot be used for certain services, such as official patent office fees or providing patent infringement and validity opinions.
Does my business qualify for IP Advance funding?
Among other criteria, to qualify for IP Advance funding your business must fit the UK government definition of a micro, small, or medium-sized enterprises. In effect, this means your business must have a turnover of not more than £36million, a balance sheet total of not more than £18 million, and a headcount of not more than 250.
Your business must also be enrolled with, and receiving business support services, from one of the following UKIPO partner organisations:
How do I apply?
In the first instance, you should contact your usual Adviser at one of the above organisations who will be able to guide you through the process. They can advise you on eligibility as well as guide you through the application process. If you are not registered with one of the above organisations, then you should do so in the first instance.
It is worth registering with one of the above UKIPO partner organisations in any case. Each organisation provides a highly experienced team of advisers and mentors. They provide not just IP guidance, but valuable connections and business support.
How can we help?
Marks & Clerk LLP is a UK-wide firm providing high quality IP services. We regularly advise and assist SMEs on their IP and are conscious of the particular challenges companies face at this stage in their journey. We have supported many businesses through previous versions of the IP Advance scheme, guiding them through initial audit through to successful registration of their IP.
Marks & Clerk attorneys have a passion for space innovation, and we regularly advise accelerators, space clusters and other organisations on registering and commercialising IP. Our dedicated space technologies team have experience with handling space-related patent applications across the upstream and downstream sectors. Whatever your business, one of our professionals will be able to guide you through the process and provide targeted IP advice and the necessary technical expertise.
Even if you are not eligible for the IP Advance scheme, we would still be excited to support you in your journey. Please do not hesitate to get in touch to set up a free initial consultation with one of our specialists - we will be able to provide advice, support and guidance on whatever IP needs you may have.
Written by:
Dr Phil Merchant | Principal
Chartered (UK) and European Patent Attorney | UPC Representative
Contact:
T: +44 20 7420 0032
Marks & Clerk are partners of Scottish Space Network!