Businesses in product development may be familiar with the UK Intellectual Property Offices' IP Audit and IP Access schemes. These schemes have now been rolled into one new scheme, IP Advance, which launched as a pilot on 15 July 2024.
IP Advance is a tiered funding programme designed to provide support to SMEs at different stages in their innovation journey. IP Advance provides targeted advice and financial support to help businesses better understand their IP, develop an IP strategy, and where appropriate, support to implement that strategy – for example by filing patent applications.
The two levels of support available are:
1. IP Audit provides part-funding of £2,250 (inc VAT) towards the cost of an IP audit, conducted by a suitably qualified IP professional, for example Registered Patent Attorneys such as Hargreaves Elsworth. The business contributes £750 (including VAT) towards the overall cost of the audit. The business will receive a bespoke IP Audit report with recommendations, cost projections and a suggested timeline for implementation and a follow-up meeting to discuss the report’s recommendations with the IP professional.
2. IP Access provides a contribution of up to £2,250 (inc VAT) for IP professional advice to progress an IP management strategy or implement recommendations from their IP audit. The Business must contribute a minimum of 50% towards the cost of the services carried out by their IP professional under IP Access to qualify for support.
Businesses can apply for one or both levels of funding; receiving IP Audit funding is not a prerequisite to receiving IP Access funding.
IP Advance is open only to SME’s (including micro-entities) and will be delivered exclusively through the following regional organisations: Innovate UK Business Growth, Welsh Government, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, and Invest Northern Ireland.
In the North East applications for IP Advance should be made through: Innovate UK Business Growth via its National Enquiry Gateway at contact@ innovateukedge.ukri.org.
A number of our clients found the old IP Audit and IP Access programmes useful to their businesses. Our expectation is that IP Advance will be just as useful and we encourage SME’s involved in product development in the North East to apply.
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