IP Audits & IP Access for 2024/25
Good News for UK Small Business
The UK IPO has renewed its popular IP Audit and IP Access schemes for the 2024/25 financial year, but there are some important changes to note.
IP Audit & IP Access Update
We are very pleased to report that the highly popular ‘IP Audit’ and ‘IP Access’ schemes have been renewed for another year, together referred to as ‘IP Advance’. These schemes are invaluable for small businesses as they help to alleviate some of the financial burden of managing their IP.
These initiatives are run collaboratively by the UK Intellectual Property Office (IPO) and several partner organisations: InnovateUK EDGE, Welsh Government, Highlands & Islands Enterprise, Scottish Enterprise, South of Scotland Enterprise, and Invest Northern Ireland.
Businesses cannot directly apply for these schemes as they are managed by the partner organisations mentioned above. A business must be on one of their business support schemes and be nominated for the award.
IP Audit Scheme
The IP Audit scheme provides a high-level review of the business’s position on IP. An expert advisor from Acorn IP spends time getting to know you and your business, learning about your products and/or services, and understanding your commercial objectives. Your expert advisor will then prepare a comprehensive report that:
Outlines your current position with respect to your IP, including any existing rights (both registered and unregistered);
Identifies any possible registered rights you may wish to consider; and
Sets out a proposed strategy for improving your position.
The IP Audit offers strategic recommendations that can act as a springboard for taking your business forward, better informed about IP and how it affects you.
Changes to IP Audit
The IP Audit scheme remains largely the same as in previous years; however, the funding allocation has changed. The entire IP Audit is carried out for £3,000 (inc. VAT) – the UK IPO pays £2,250 towards the IP Audit, with the business paying the remaining £750.
We note that the budget has been re-balanced compared to previous years, in which the UK IPO’s contribution was £2,500 with the business paying £500. We are curious to see whether this 10% reduction in the contribution from the UK IPO will result in an increase in the number of funded IP Audits available to businesses this year.
IP Access Scheme
Businesses may also be eligible to apply for the ‘IP Access’ grant, which provides up to £2,250 (inc. VAT) of funding to be used towards professional services to improve your IP position, with the business funding at least 50% of the costs. This grant may, for example, be used towards drafting a patent application, preparing a registered design application, obtaining advice in relation to managing or commercialising IP, IP insurance, IP valuation, and other similar projects.
Note that the IP Access funds cannot be used to pay for official fees levied by the patent office, e.g., the official fees for filing a patent, trademark, or registered design. For the avoidance of doubt, the IP Access funds can be used to pay for obtaining legal advice and having a professional, such as Acorn IP, prepare the documents and complete the filing.
Changes to IP Access
A new stipulation this year is that recipients of the IP Access funds must be funding at least 50% of the cost of the work themselves. Thus, to receive the full £2,250 in funding, the business must be spending at least £2,250 itself on the relevant work.
The maximum amount of funding available has also been reduced compared to previous years, where the limit was previously £5,000. As mentioned above, we are curious whether the reduction in the maximum funds available to a given applicant will mean that the grants will be available to a greater number of businesses this year.
As of the 2024/25 financial year, it is no longer essential to have been awarded an IP Audit in the 12 months prior to applying for the IP Access scheme.
Next Steps
Acorn IP is one of the firms of patent attorneys that can carry out IP Audits and conduct work under the IP Access scheme. Over the years that the schemes have been running, our team have carried out a large number of the IP Audits and so are well-versed in the process, with our work being highly regarded by both our clients and their industry partners. With our focus on helping SMEs, start-ups, and entrepreneurs with their IP, we are very familiar with the types of commercial issues and opportunities that can be just as relevant as the underlying technology.
If you are put forward for either scheme, you are free to choose your advisor. We would be happy to help you with your IP Audit needs and can discuss this with you and your advisor ahead of time to make sure we are all on the same page about what you want to get out of the process.
To discuss your IP needs with us, send us an email at hello@acorn-ip.co.uk.
