The United Kingdom Intellectual Property Office (UKIPO) has recently launched a new financial support scheme for SMEs called IP Advance, this is a structured funding programme designed to offer tailored support to SMEs at critical stages of their innovation journey.
What is IP Advance?
IP Advance provides focused guidance to help businesses better understand their intellectual property (IP), develop a strategic IP plan, and, when appropriate, assist with implementing that plan.
The programme offers two levels of support:
- IP Audit: This level provides partial funding of £2,250 (including VAT) for an IP audit conducted by a qualified IP professional. The business is required to contribute £750 (including VAT) towards the total cost. The outcome is a customised IP Audit report containing recommendations, cost estimates, and a proposed implementation timeline. Additionally, the business will have a follow-up meeting with the IP professional to discuss the report’s findings and recommendations.
- IP Access: This level offers up to £2,250 (including VAT) in contributions towards professional IP advice for advancing an IP management strategy or implementing the recommendations from an IP Audit (such as drafting a patent application). To qualify, the business must contribute at least 50% of the cost of the services provided by their IP professional under IP Access. Businesses can apply for either or both levels of funding; receiving IP Audit funding is not required to qualify for IP Access funding.
Our IP Harvest service is available through the IP Advance scheme
Source Advisors offers a unique service in the form of our IP Harvest, which is designed to quickly and simply assess whether our clients have something that is worth patenting. We focus on the commercial benefit, not solely legal protection. Our IP Harvest service is a detailed audit of your IP, we are able to carry out an IP Harvest under the IP Advance scheme.
The benefits of using our IP Harvest service include:
- It’s a fixed fee so you know the cost and timescale up front
- The output is a yes/no decision that gives you a clear understanding of your IP opportunities
- Our work is, in itself, a valuable audit of your intangible IP assets
- You will know if you have any opportunity to save Corporation Tax through Patent Box
Patent drafting with a greater focus and prospect of success
At Source Advisors, we bring a commercial lens to this process and our job is to keep commercial outcomes in mind. From our knowledge of your business, the R&D, the invention and the patent landscape we help our clients craft patents that we believe will have a greater focus and prospect of success.
We have a proven methodology of narrow patents getting through the patent office as quickly and cost effectively as possible. Our driver is commercial, rather than for the purposes of litigation.
Source Advisors works hand in hand with Patent Attorneys, either through our own network or with a clients preferred attorney, to act as the translator between the technical merits and the legal requirements. By following our approach, time and money is saved and the right experts focus on aspects of the process that they bring most value to.
To find out more contact us.
