Patents Trade Marks Designs Copyright
Intellectual Property Audit grants of up to £2,500 available, with up to £5,000 follow-up funding available.
December 06, 2023
IP Audit Grants of up to £2,500 are currently available. If the IP Audit identifies a need for further work such as registering IP or conducting searches, further ‘IP Access’ funding of up to £5,000 may be available to pay for those services.
Innovate UK EDGE, in collaboration with the UK Intellectual Property Office (UKIPO), offers an ‘IP Audit Grant’ and an ‘IP Access fund’ for businesses.
IP Audit grant
The IP Audit Grant offers up to £2,500, with a contribution of £500 from you, to subsidise an IP Audit carried out by an IP professional of your choice.
We have substantial experience in providing UKIPO IP Audits, and are able to conduct the Audit in your behalf. Our IP Audits help business owners to be more IP-aware when:
- Entering new business markets;
- Developing new products or services;
- Partnering with other businesses;
- Determining whether the business is currently protected; and
- Communicating the business’s IP position to investors.
In summary, a professional IP audit is a thorough review by an IP professional which covers many or all of the following areas:
- Existing IP assets;
- IP strategy such as defensive use, licensing, attracting investors, grow to sell, tax relief, among other things;
- The best way to protect your IP, whether by patents, registered designs, registered trade marks, or management of unregistered rights;
- IP risks such as avoiding infringement of third-party patents, trade marks, registered designs, or copyright;
- Identifying the potential for Patent Box tax relief;
- IP ownership where employees or suppliers are involved;
- IP in contracts with employees or third-parties;
- Reviewing competitors’ IP positions;
- Management of trade secrets both internally and externally.
The IP auditing process will involve spending time in-person or virtually with key people within the business. Then, the IP professional will put together a comprehensive IP Audit report. The report will recommend further actions for improving the business’s IP position.
The grant will cover the cost of the IP Audit, up to £2,500 including a £500 contribution from the business.
IP Access fund
The IP Access fund offers up to £5,000 to eligible businesses, in order to help implement the recommendations from the IP Audit. For example, if the IP Audit report recommends filing a patent application, the IP Access fund may fund the drafting and filing of a patent application if the business meets eligibility criteria. If the report recommends conducting further searches, the IP Access Fund may cover the searches and potentially the analysis costs.
How to Apply
If you have any questions with regards to this article or how Swindell & Pearson can help you and your business with intellectual property, please don’t hesitate to get in touch with your usual attorney or with the author Tim Gilbert, or call +44 1332 367 051.
At the time of writing (December 2023), there is no set end date for the scheme. However, please do check whether the scheme is still running when you read this article.