NEWS26 November 2021
Intellectual Property (IP), such as patents, trade marks and registered designs, can be valuable assets of a technology-based company, but IP systems can be difficult to navigate. An IP Audit can help to make sense of your current IP position and with developing an IP strategy.
Funding (£2500) has been available for some time from the UK Intellectual Property Office towards the bulk of the cost of obtaining an IP Audit. Technology companies generally find the IP Audit process useful, as it can summarise the strengths and weaknesses in your IP portfolio.
However, the next steps can be challenging (and costly), and so a recently launched IP Access fund aims to address exactly this problem by offering up to £5000 towards a range of different types of IP expenditure. This is in addition to the IP Audit funding that is available and can help tech-based start-up companies in particular to implement an IP strategy, and improve their IP positions.
To qualify for the IP Access scheme, a company must have had an IP Audit prepared under the UKIPO’s IP Audit scheme and have submitted an application by 31 March 2022, so time is short. Therefore, we recommend that companies eligible for the IP Audit and IP Access schemes apply as soon as possible.
Please contact Gary Whiting of Venner Shipley LLP if you would like to discuss this, or any aspects of your IP, further.