Financial Support Available For SME IP Audits
The UK Intellectual Property Office (UK IPO) offers contributions of £2,250 (inc. VAT) to support SMEs in carrying out audits of their IP with the help of a qualified IP professional, such as Russell IP. This funding is provided via the UK IPO’s IP Audit scheme.
How Does The IP Audit Scheme Work?
A participating SME must contribute £750 (including VAT) towards the cost of a £3,000 (inc. VAT) IP Audit, and will receive an IP Audit report which includes recommendations, cost estimates and a suggested timeline for implementing the recommendations set out in the IP Audit report. The SME will also be eligible for a follow-up meeting with the IP professional to discuss the IP Audit report’s recommendations.
What Are The Benefits Of The IP Audit Scheme?
An IP audit can be an excellent way to catalogue existing IP rights and identify opportunities to develop or register new IP rights. A formal IP Audit report prepared by an IP professional may be particularly helpful for an SME which is seeking funding to support its further expansion and technology development – the report can help focus the SME’s efforts on activities which are most likely to add strategic value to the SME that will be attractive to potential investors and supporters.
IP Audits under the UK IPO’s IP Audit scheme are, however, constrained to some degree by the £3,000 (including VAT) cost. Sometimes a more comprehensive IP audit should be considered, depending on objectives.
What Are The Eligibility Criteria For Taking Part In The IP Audit Scheme?
SMEs are eligible to apply for IP Audit funding if they participate in a business-support programme offered by one of the UK IPO’s regional partner organisations: Innovate UK Business Growth, Welsh Government, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, and Invest Northern Ireland.
Russell IP has already handled several IP Audits under the UK IPO’s IP Audit scheme.
To find out more about how Russell IP can support you in applying to participate in a business-support programme and receive IP Audit funding, please get in touch with your usual Russell IP contact directly or via the contact button below.
