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UK IPO LAUNCHES NEW IP AUDITS PLUS SCHEME

The UK IPO Audits Plus Scheme endorsed by the UK Intellectual Property Office (UK IPO) allows small and medium-sized businesses (SME’s) to have a heavily subsidised intellectual property (IP) audit undertaken an IP expert. This tranche of the IP Audit Plus scheme will close to applications on 31 March 2022.

This scheme enables start-ups and SME’s to instruct an IP lawyer, in order to identify the current IP in their business and propose areas where further understanding of IP rights may be beneficial. The scheme aims to provide businesses with recommendations which they can incorporate into their strategy, to help them grow into IP-rich businesses.


WHO IS ELIGIBLE FOR THE FUNDING?

The IP Audits Plus Scheme permits businesses that meet specific criteria to access funding for an audit of their IP position. Businesses with the following criteria are eligible:

  • a business should be growing and innovative;
  • should be technology led;
  • have international ambitions; and
  • should have less than 500 employees.
These criteria have a wide application. Therefore, if you are unsure whether your business qualifies, please contact Brandsmiths.

WHAT CAN THE FUNDING BE USED FOR?

IP Access can be used to cover the cost of services related to:

  • the management of IP assets;
  • commercialisation of IP;
  • ownership of IP rights;
  • how best to harvest IP;
  • licensing and franchising agreements;
  • IP insurance;
  • IP valuation;
  • tax relief advice; and
  • professional fees for IP services in the UK and abroad.
HOW CAN BUSINESSES APPLY?

To deliver the scheme, the IPO has partnered with Innovate UK Edge, Scottish Enterprise and Highlands and Islands Enterprise and Welsh Government, who work with businesses to recognise those that qualify for the offer of an IP Audit. We can assist with the application process and qualification with one of these partner organisations.

PURPOSE OF THE AUDIT

If the application is successful, Brandsmiths will assist at each stage of the audit from gathering information and identifying objectives, carrying out the audit, then delivering a report with list of practical suggestion to add considerable value to the intellectual property related to that business.

FUNDING

If the business application is successful, the IPO will pay £2500 (inclusive of VAT) towards the total cost of the audit and the IPO directly pays the IP Professional on receipt of an approved audit report. The business contributes a further £500 (inclusive of VAT) for the audit report payable direct to the IP Professional.

WHY BRANDSMITHS?

We are one of the largest intellectual property teams in the country, with over 40 fee earners helping business of all shapes and sizes across the UK from our offices in London and Manchester.

We have considerable experience helping clients be accepted for the IP Audit scheme, delivering audits and working with clients to use those outcomes to push their businesses forward.

If you would like more information, please contact Hana Hassanbek (hana@brandsmiths.co.uk) or Michael Forrester (michael@brandsmiths.co.uk).
 

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Brandsmiths is a trading name of Brandsmiths S.L. Limited which is authorised by the Solicitors Regulatory Authority, SRA No: 620298. Founding Partner: Adam Morallee

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