Home / Time for an Audit?
27th January 2025
Yasmin Kalantari, Senior Associate
In today’s competitive landscape, protecting and leveraging your Intellectual Property (IP) is crucial for business success. The UK Intellectual Property Office (UKIPO) recognises this and, in 2024, launched a new IP audit financial support scheme to support and encourage small and medium-sized enterprises (SMEs) to conduct an IP audit.
An IP audit is a comprehensive review of a business’ existing and potential IP assets, including:
The audit process involves a collaborative effort between the business and us to develop a deeper understanding of the business objectives and strategic priorities. The audit scope may extend beyond a review of the IP assets to include an evaluation of any IP-related policies, procedures and agreements, such as licences, in place.
It’s important to note that an IP audit is not a ‘one size fits all’ process, as each business has unique requirements and objectives. While these needs may vary significantly, the overarching goal remains consistent: to effectively identify and maximise the value of the IP assets and proactively mitigate any potential risks.
An IP audit offers numerous benefits for a business:
On completion of the IP audit, the business will receive a report containing recommendations tailored to its specific needs.
An IP audit can be conducted at any time; however, it is particularly beneficial during key business milestones:
Yes, if you are being advised by a recognised growth advisor, such as Innovate UK in England, there are two tiers of support available under the IP Advance scheme that can be applied individually or in conjunction, subject to an assessment of the business’s IP needs.
Tier 1 – IP Audit Funding provides for part-funding of £2,250 (inc VAT), towards an IP audit subject to the SME contributing £750 (inc VAT) towards the overall cost of the audit, capped at £3,000.
Tier 2 – IP Access Funding provides for part-funding up to £2,250 (inc VAT) towards advancing an IP management strategy or implementing the recommendations from an IP audit. This is subject to the SME contributing a minimum of 50% towards the cost of the services.
Further information about the schemes can be found here: Exploit innovation – Innovate UK Business Growth
No. Any business (whether SME or other) can instruct us to carry out an IP audit. The process is primarily the same as set out in this article and the business will receive a tailored report with recommendations throughout. The costs of such audits will vary but we will discuss these with you prior to instruction.
If you would like any further information about the IP audit schemes, or any auditing services outside of the schemes – we can help. Please contact Yasmin.Kalantari@kuits.com or call 0161 832 3434.