New £5K Intellectual Property funding for SMEs as Government shows commitment to innovation

In July, business secretary Kwasi Kwarteng announced the government's innovation strategy, which includes support for UK companies to develop and grow their intellectual property strategy. Weeks later, the Intellectual Property Office (IPO) have announced a funding scheme to enable SMEs to invest and develop their IP strategy further.

Applications are now open for the IPO’s funding scheme, which aims to support companies protecting and commercialising their IP. The government scheme, part of a strategy to support companies during the post pandemic recovery, intends to financially support companies to invest in their IP strategy.

Eligible SME’s can access up to £5,000 to put towards IP related costs, including fees for necessary services, such as licensing and franchising agreements, and management of assets.

Intellectual Property Solicitor Gemma Pickavant says, ‘The funding will be welcomed by many companies as it will allow them to create an IP strategy, or expand their existing IP strategy, without using funds that are needed elsewhere within the business. It will increase confidence in business owners and ultimately support companies to develop and grow securely.’

‘It’s very promising to see that the government are focused on supporting innovation within UK companies, and building the foundations for businesses to thrive again after the pandemic.’

The IPO’s funding scheme is open to companies who have been awarded a part-funded IP audit between April 2020 and March 2022 with an IP audit plus partner.

The funding scheme comes weeks after the announcement of the government’s innovation strategy, which includes measures to support businesses grow and recover after the pandemic. The strategy also announced the launch of a new, easy access, fit for purpose support offer for businesses to make the most of their IP in overseas markets. And they also plan to expand IP education programs for researchers in the UK.

The IPO’s strategy aims to support businesses to develop innovative products and processes, and secure and manage IP rights.

Applications for IP Access are now open and will remain open until 12pm on the 31st March 2022.

Whether you’re at the beginning of the IP lifecycle or if you already have an established IP portfolio, with £5,000 at your disposal we would be able to help your business to identify the best ways to protect and exploit your IP. Our team of IP solicitors can support you with:

• Review and advise on your current IP strategy
• Provide your business with a comprehensive strategy to fully utilise and protect your IP for future growth
• Offer expert advice from experienced negotiators if you’re dealing with a dispute
• Assist with licensing out or in, nationally and overseas to support new routes to market and allow for business expansion

If you need support with your company’s IP strategy, we have a dedicated team to protect your IP, review and audit your current strategy, and offer advice on how to develop it further. Contact one of our intellectual property solicitors for an initial no-obligation consultation.