A new, two-tiered funding programme launched by the UK’s Intellectual Property Office (IPO) promises to provide much needed support to SMEs looking to explore, or enhance, their intellectual property (IP) portfolios. Senior representatives from Gateley, including Medilink Midlands Patron Adamson Jones, provide a brief overview of the scheme.
What is IP Advance?
IP Advance is a new SME financial support scheme launched by the IPO. It aims to provide “targeted advice and support to help businesses better understand their IP, develop an IP strategy and, where appropriate, support to implement that strategy.”
The funding programme is split into two tiers – IP Audit and IP Access – which offer distinct forms of support. Businesses can apply for both, or either, of these tiers, which will cover the costs of particular services provided by a qualified IP professional.
Who can apply?
IP Advance is available to businesses for which IP is, or will be, an essential part of their growth plans. These businesses must fit the UK Government’s definition of a micro, small, or medium-sized business. This is described in more detail below.
Eligible businesses must also be enrolled with, and receive support from, one of six national or regional development agencies. Their nominated contact within this agency will act as an adviser throughout the application and funding process and must support the business in completing a triage process before applying for either IP Audit or IP Access support. They will also be able to help the business identify a qualified IP professional, who will provide the services covered by IP Advance funding.
What is the UK Government’s definition of a micro, small, or medium-sized business?
- Medium: has a maximum turnover of £36m, a maximum balance sheet total of £18m, and a maximum headcount of 250.
- Small: has a maximum turnover of £10.2m, a maximum balance sheet total of £5.1m, and a maximum headcount of 50.
- Micro: has a maximum turnover of £632,000, a maximum balance sheet total of £316,000, and a maximum headcount of 10.
What does IP Audit funding cover?
IP Audit provides part-funding of £2,250 towards the cost of an IP audit. Businesses will also need to contribute a minimum of £750 towards the overall cost of the audit.
As part of the funding, businesses will receive:
- an initial meeting with their nominated IP professional to discuss their business and its requirements, and to agree the audit’s scope;
- a written report analysing the available IP and IP assets, including opportunities, risks, and recommendations for next steps; and
- a free, one-hour follow-up meeting to discuss the report and its recommendations.
What does IP Access funding cover?
IP Access funding will support up to £2,250 towards professional advice concerning IP management strategies or implementation of recommendations identified by an IP audit. Businesses will also need to contribute a minimum of 50% towards the overall cost of the services of the IP professional under the Access programme.
Services covered by this funding include management, commercialisation, and licensing of IP, but not business-as-usual activities or legal fees for disputes with third parties. A full list of eligible and ineligible services is provided in the IP Advance Information Pack and Guidance for Applicants.
What is the difference between IP Audit and IP Access?
IP Audit, or Tier One funding, is suited to businesses that wish to better understand what IP they currently have, and the opportunities and risks of this IP.
IP Access, or Tier Two funding, is for businesses that need support in managing and exploiting their IP. IP Access is designed to follow on from the services and funding provided by IP Audit, but it is not necessary for applicants to have received IP Audit funding before applying for IP Access.
The Gateley teams across Gateley Legal, Adamson Jones, and Symbiosis IP specialise in all aspects of intellectual property, from auditing IP portfolios, to protection, commercialisation, licensing, and advising on IP disputes.
Gateley’s IP team comprises patent attorneys, trade mark attorneys, specialist IP solicitors, and valuation and licensing strategy experts.
Article provided by Medilink Midlands Patron Adamson Jones, part of Gateley. The firm will be delivering a presentation on the IP fund for Medilink Midlands members at upcoming Member Forum on 19 September. For your chance to find out more directly from the experts, secure your place.