IP Advance – developing innovation within small and medium enterprises

Introduction

While almost every business generates Intellectual Property (“IP”), often SMEs do not have the knowledge to fully understand the IP they are creating or how to protect it.

Therefore, in July 2024 the UK Intellectual Property Office (“UKIPO”) introduced a new financial support initiative aimed at SMEs to offer guidance at different stages of their innovation journey.

IP Advance has been developed by the UKIPO with the support of the Chartered Institute of Patent Attorneys (CIPA) and the Chartered Institute of Trade Mark Attorneys (CITMA) to meet the specific IP needs of SMEs at various points of their development.

IP Advance

IP Advance is a tiered funding programme through which the UKIPO, supported by CIPA and CITMA, aims to provide targeted advice and support to help businesses understand and protect their IP better and help SME’s implement an IP strategy specific to their business needs.

There are two levels of support available:

1. IP Audit – this provides part-funding of £2,250 including VAT towards the cost of an IP Audit conducted by a qualified IP professional. The business will receive a detailed IP report with information about costs, suggested timelines and any further recommendations to improve the IP strategy. The IP professional will offer an additional meeting to discuss the report and any queries to the suggestions made. In turn, the business has the responsibility to contribute £750, including VAT, towards the total cost of the Audit.

2. IP Access – this provides a contribution of up to £2,250, including VAT, towards advice from an IP professional develop an IP management strategy or implement the recommendations of an IP Audit. The business will be responsible to contribute to a minimum of 50% towards the cost of the advice in order to quality for this support.

A business can choose to apply for one or both levels of support depending on their needs. Access to this funding programme in England and Wales can be found through the Welsh government and Innovate UK Business Growth.

Although the IP Advance funding is sponsored by the UKIPO, any enquires relating to it need to be directed to Innovate UK and the Welsh government directly as they are responsible for implementing the initiative, accepting applications and deciding whom funding is made available to.

Eligibility

In order to be eligible to receiving funding through this initiative, your SME business will need to identify how it would benefit from receiving support from an IP specialist.

While the specific criteria that will be considered remains unclear, any business seeking to apply for funding must first qualify as a SME.

According to the Companies Act, to be classified as a small or medium sized enterprise, a business must meet at least two of the following criteria:

1. A turnover of no more than £36m
2. No more than 250 employees
3. Gross assets in balance sheet total of no more than £18m.

Any companies exceeding these figures will not be eligible.

It is also important to note that there are additional eligibility criteria which exclude certain businesses from being classified as an SME. However, any questions or queries regarding eligibility can be addressed directly to Innovate UK.

The importance of IP Advance:

The two-tiered funding system created by the UKIPO is an initiative designed around supporting well-informed decision making relating to IP. It seeks to allow SMEs to understand their current position, identify both their strengths and weakness, and adapt that information into a clear business strategy.

Instead of IP being an area of confusion or concern, this initiative presents the opportunity for SMEs to create a plan specific to their business and gain expert advice on the IP topics that are most relevant while being supported by professionals who have the experience needed to provide reliable and trustworthy advice tailored to your business needs.