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The UK Intellectual Property (IP) Office is offering grants of £2,600 for businesses interested in obtaining an IP Audit

February 13, 2017

In a bid to support UK innovation, the UK Intellectual Property Office has agreed to part-fund intellectual property audits. A business can pay £400 to receive a comprehensive audit of its IP assets to the value of £3,000.

What is an IP Audit

An IP audit is a thorough business review conducted by an intellectual property (IP) professional who will evaluate any IP assets within a business such as patents, trade marks and design rights. The audit will also identify any unregistered rights that a business may have but hasn’t yet protected, as well as the owners of any rights.

After spending time with key people within the business, the IP professional will put together a comprehensive, formal report identifying the IP assets currently held and suggesting how such assets may be optimally protected as well as identifying further opportunities for obtaining valuable IP. The report is specifically tailored to a company’s individual needs and will recommend a series of steps that can be taken to realise the maximum value of any IP.

Once the audit has been conducted and a business has received and approved its written report, the IP professional will invoice the IPO the amount of £2,600 leaving the business only having to fund £400 towards the cost of the audit.

Benefits of an Audit

IP audits are an extremely useful tool that many businesses use as part of their strategic decision making to help to identify opportunities for growth and potential threats to plan against. If a business is planning on launching new products or enter into new markets, perhaps an acquisition is on the cards or maybe the business is looking to sell itself, an IP audit can be used to help plan for such scenarios. Businesses use audits to understand whether they should make the investment to obtain IP protection.

How to Apply

The scheme, which is being managed by Enterprise Europe Network (EEN) is open to applications from any business, regardless of size, industry or commercial objectives, provided it can be shown that an audit will positively benefit its operations.

The EEN will work with a business in putting together a proposal and submit it to the UK Intellectual Property Office (IPO) for approval. If successful, the IPO will inform the business that its application has been approved and to proceed with arranging a convenient time and date with the IP firm it will be working with.

Swindell & Pearson is a delivery partner on the scheme and we are able to conduct the audits. Any business wishing to apply should get in touch with your usual Swindell & Pearson contact or [email protected]. We will first discuss your requirements and understand how we can assist before putting you in touch with the EEN.

Swindell & Pearson is a UK based intellectual property firm that has been helping businesses and individuals protect and defend their ideas, innovations and brands for over 130 years. With its head office in Derby, the firm also has offices in Stoke, Wolverhampton, Stafford, Sheffield and Burton upon Trent. To find out how Swindell & Pearson can help you and your business with any patent, trade mark or design right matters please get in touch via [email protected] or by telephone on 01332 367 051.