UKIPO launches new IP financial support scheme

The UK Intellectual Property Office (UKIPO) recently launched a new intellectual property financial support program (IP Advance) to promote the development of intellectual property rights for UK SMEs. The program was launched on July 15, 2024.

The IP Advance program is a tiered funding program that aims to provide financial support to SMEs at appropriate stages of innovation and entrepreneurship, including providing targeted consulting advice and training to help enterprises better understand their IP rights, develop IP strategies, and provide financial support for the implementation of strategies where appropriate. Specifically, it includes the following two types of support:

The government provides a tax-inclusive amount of £2,250 to help companies hire professional intellectual property lawyers to provide intellectual property consulting services. Companies must pay £750 (tax-inclusive) and receive a customized intellectual property consulting report, which includes recommendations, intellectual property cost forecasts and a recommended implementation schedule. As part of the intellectual property consulting service, companies will also discuss consulting recommendations with intellectual property professionals.

To be eligible for IP Advance funding, businesses must pay at least 50% of the fees for services provided by their IP professional, which could include 50% of the fees for preparing and filing a new UK patent application, trade mark application or design application. Businesses can apply for one or both levels of funding.

For Northern Ireland's SMEs, the IP Boost will be delivered exclusively through Invest Northern Ireland, and SMEs identified as benefiting from expert support in managing IP-related matters and participating in Invest Northern Ireland's business support programmes are eligible to apply for the scheme. All IP Boost applications are subject to assessment and there is no guarantee of funding.