UKIPO funded Intellectual Property audits - Kuits Solicitors Manchester

UKIPO funded Intellectual Property audits

UKIPO funded Intellectual Property audits

3rd August 2021 - Published by Kuits Intellectual Property Team

Nearly every business will own some form of Intellectual Property (IP), however, too often it is undervalued or overlooked all together. Understanding and valuing the IP your business owns can be just as important as valuing your physical assets and often central to business growth.

What is an IP audit?

An IP audit is essentially a thorough review of the IP owned by a business and can help you identify both your registered and unregistered rights. Each audit is tailored towards the needs of your business and the specific rights that could be owned.

A detailed report of your IP will be produced and will assist you in identifying:

  • The products and services that are crucial to your business;
  • Your IP assets and the legal rights associated with them; and
  • The strengths, weaknesses, opportunities and threats surrounding your IP.

Once you understand what IP you own, you can learn how to take advantage of it and use it to assist your business development.

What funding is available?

The UK Intellectual Property Office (UKIPO) has announced that they are running an IP Audit sponsorship scheme between April 2021 and March 2022, offering grants for small or medium sized companies. Typically, audits carried out by IP professionals cost around £3000 and the UKIPO are offering to contribute £2500 towards that cost.

To qualify for audit funding, you must be:

  • An SME – fewer than 250 employees and turnover of not more than £41million;
  • Engaged with one of the IPO partner business support schemes i.e., the Enterprise Europe Network, the Scottish Enterprise or the Welsh Government; and
  • Demonstrate that the IP audit will form a key part of achieving your business growth plans.

How can Kuits help?

Our specialist IP lawyers will be able to assist you by helping make the relevant application for funding, undertake the audit for you and advise you on your next steps. For more information on how we can help you and your business, please contact Partner Claire Meyers on 0161 838 7816 or email clairemeyers@kuits.com

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