IP Advance, the UK IPO’s new scheme, will help connect SMEs to funding for accessing professional IP support.

Many SMEs that have valuable IP are put off protecting it by the costs associated with implementing an IP strategy. Luckily, the UK IPO has introduced two new programs under the banner of a new scheme called IP Advance that provide funding to help SMEs better understand their IP, develop an IP strategy, and leverage their intellectual property to support growth.

An IP audit gives a business a clear picture about their current IP position, and guidance as to where they should focus their (often limited) resources to build their IP portfolio. IP Access then provides funding to implement an IP management strategy or any recommendations from the IP audit (although the IP audit is not compulsory first).

IP Advance will offer a tiered approach to funding, with two levels of support available:

1. IP Audit provides part-funding of £2,250 (including VAT) towards the cost of an IP audit, conducted by a suitably qualified IP professional. The business must contribute £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. As part of IP Audit, the business will also have 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 (including 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 forms of funding. SMEs can apply for both levels of funding either together or separately, and the IP Audit funding is not a prerequisite to receiving IP Access funding.

IP Advance will not be administered directly through the UK IPO. Instead, it will be managed on a regional basis through a series of partners. Applications are submitted to the IPO via a Business Advisor from the relevant regional partner.

If you are interested in applying for the scheme, please contact us at info@iamstobbs.com.