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What is the IP Audit Plus Scheme?
An IP Audit could be the first step on your path to mastering your business’ IP.
Almost every business generates Intellectual Property (IP). Do you know what IP you have? Would you recognise when new IP is generated in your business? Do you know how to protect the IP you have generated?
The Intellectual Property Office (IPO) provides financial support to assist innovating high growth SME’s in accessing expertise in this area. Originally, the IP Audit Scheme provided funding towards an audit assessment of the IP in an individual business and the IP Access Scheme helped SMEs to implement the audit findings. During 2024/5, the IPO operated a financial support scheme, known as IP Advance which offered different levels of funding to support SMEs at particular stages in their innovation journey including support for patent applications.
What is available in 2025?
From April 2025 there is only IP Audit funding. This will involve specific advice to help companies understand their IP and develop appropriate strategies and, in some cases, it will also support implementation.
An IP Audit to be carried out by an IP Professional. This is covered by part funding of £2,250 inc VAT providing the business contributes and additional £750 inc VAT. This will result in a bespoke IP Audit of your business that includes:
- An identification of the IP you currently have.
- An explanation of how you might register that IP.
- A discussion of potential issues with IP owned by a third party.
- Clear guidance for next steps and associated costs for any recommended further actions;
- Information about and potential strategies for how to capture future IP.
- Once you have received the IP Audit report, you will be provided with a follow up meeting to discuss the report, with the IP Professional.
- Follow up work such as making a patent application or taking action to improve the strength of your IP portfolio will need to be funded by the business, the IP Professional will give estimates of cost for this work.
OK, I’m interested. How do I proceed?
If you are an SME and you are interested in applying for IP Advance, it will be delivered exclusively through their UK partners (not via the IPO). The partner you need to approach will depend upon your location and in England, this is:
Innovate UK Business Growth – https://iuk.ktn-uk.org/business-growth/, Scottish Enterprise and South of Scotland Enterprise provide support north of the border.
Only SME’s identified as benefitting and engaged in an intensive growth support programme with one of the IPO Partners will be eligible for the scheme. It is worth noting that IP Audit is subject to an assessment and funding is not guaranteed. Your innovate UK adviser will be able to help, and if successful you can approach Pure Ideas or any other IP firm to progress it.
Further information for Innovate UK Business Growth is available on the following link: https://iuk.ktn-uk.org/business-growth/exploit-innovation/ or you can reach out to them directly for further information on: https://iuk.ktn-uk.org/business-growth-contact/.
Disclaimer: This document is for general information only. Its content is not a statement of the law on any subject and does not constitute advice. Please contact Pure Ideas for advice before taking any action in reliance on it.
Our Commercial Director, Katia, caught up with Gary from torc2 Ltd to discuss his journey to protect his business. A great discussion on the important steps he has taken to protect his business, including the benefits of IP Audit Plus. Watch below:
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