New SME Financial Support Scheme – ‘IP Advance’

Funding Help is at Hand For Businesses Wanting to Protect Their Intellectual Property

Intellectual property (IP) is often an unsung hero in the world of business.

Whether it’s your brand name, product innovation or unique invention, your IP is a vital asset that deserves robust protection.

In today’s competitive market, safeguarding your IP isn’t just important. It is essential.

Exciting news for SMEs!

The UK Intellectual Property Office (UKIPO) has just launched a brand new financial support scheme tailored for small and medium-sized enterprises (SMEs) called ‘IP Advance’.

This initiative makes securing and understanding your IP simpler, allowing you to protect your IP and focus on what you do best: growing and running your business.

For more details about the funding and how to apply through the UKIPO’s regional partners, you can read the full announcement here.

Why is intellectual property protection so important?

For many businesses, IP represents a significant portion of their overall value.

Robustly-protected IP is what sets them apart from their competitors and helps them to build brand recognition.

Without proper protection, your IP could be vulnerable to infringement. This could undermine your competitive edge and lead you in to costly legal battles that could have otherwise been avoided.

IP Advance: a game changer for SMEs

IP Advance is a fantastic opportunity for entrepreneurs, innovators and business owners.

The scheme can provide you with much-needed financial support to help you understand and secure your IP, ensuring that your business is protected as it grows.

Whether you are at the beginning of your business journey or looking to expand, this funding could be the key to solidifying your IP strategy and achieving some peace of mind.

Learn more about IP Advance and how it can benefit your business

There are two routes to funding:

IP Audit provides part-funding of £2,250 towards the cost of an IP audit conducted by a suitably qualified regulated IP professional. The SME business must make their own contribution of £750 towards the overall cost of the audit.

Alternatively,

IP Access provides a contribution of up to £2,250 for IP professional advice to progress an IP management strategy or implement recommendations from their IP audit.

For more information about the IP Advance scheme, how it could support your business and how to apply through one of the UKIPO’s regional partners, get all the details at this CIPA link.

Finally – remember that when it comes to protecting your intellectual property, Stevens Hewlett & Perkins is here to be your trusted partner.

Posted: 6th August 2024