Boost Your Business with the WECA “Intellectual Property for Growth” Grant Scheme

A recent announcement by WECA (West of England Combined Authority) provides great news for small and medium-sized enterprises (SMEs) in the south west region.

The second round of the Intellectual Property (IP) for Growth Grant Scheme has just been launched, offering up to £8,000 to help businesses strengthen their intellectual property assets and drive growth.

How Can the Grant Help Your Business?

Intellectual Property is about more than just protecting ideas; it is a powerful business asset that can be leveraged to create value, attract investment and foster growth.

This scheme is designed to help SMEs:

• Identify their IP assets: By funding IP audits, businesses can gain a clear understanding of their valuable IP, such as patents, trade marks and designs, and understand precisely how to legally protect those assets; and
• Implement IP recommendations: Following the audit, the grant can be used to implement key recommendations, helping businesses secure IP protection and leverage those assets through commercialisation.

Why Intellectual Property is Vital to Businesses and Growth

A strong understanding and management of IP can help businesses:

• Protect and safeguard their competitive advantage
• License or franchise their products or services
• Secure investment from IP-focused investors and lenders
• Expand into new markets through IP-backed strategies

Research shows that businesses with a solid IP strategy are more likely to grow faster and attract funding, with 40% of investments from the British Business Bank going to IP and technology-driven businesses.

How Stevens Hewlett & Perkins (SH&P) Can Help

At Stevens Hewlett & Perkins, we specialise in helping businesses make the most of their intellectual property.

Here’s how we can assist you throughout the grant process:

• IP audits: We offer thorough IP audits tailored to your business, helping you identify key IP assets and untapped potential.
• Implementation of recommendations: Our expert team will help you implement the audit’s recommendations, from securing patents and trade marks to creating robust IP management strategies.
• Strategic IP advice: We go beyond legal IP “protection”; we advise and help you understand how to use IP as a business growth tool, whether through licensing, partnerships, or expansion strategies.

Maximizing Your Grant

Combining the WECA grant with our expertise will enable you to protect your IP and free up valuable resources to focus on scaling your business. By identifying and securing your IP early, you can give yourself every chance of maximising your crucial revenue streams.

How to Apply?

To learn more about the Intellectual Property for Growth Grant Scheme and how to apply, visit the West of England Combined Authority’s website here.

You will find comprehensive details on the application process, eligibility requirements and how the funding can support your business growth.

If you have any questions about intellectual property or need further guidance, feel free to reach out to us — we’re here to help!

Don’t miss this opportunity to secure support for protecting your IP and unlocking your business’s growth potential!