IPO Launches 2018-2019 IP Audits Scheme

The UK Intellectual Property Office (UKIPO) has opened its 2018-2019 programme for IP Audits.

The programme is aimed at small or medium-sized companies (SMEs) and will help a business review what intellectual property it has. They are also government funded which means a business only needs to contribute £500 to the total £3,000 value.

What is an IP Audit?

An IP Audit is a detailed review, carried out by an IP Firm such as Murgitroyd, of a business’s existing IP assets. The IP Firm will identify and assess your IP assets, can look at your freedom to operate in the market or expand under the IP and will make recommendations and provide advice about how your business can maximise the value of your IP and manage it properly.

How can an IP Audit benefit my business?

Carrying out a review of a business’s IP through an IP Audit will help that business identify its current IP and also look into other areas of IP that it would benefit from protecting itself in. Knowing what IP you have and could have and then knowing the value of that IP can help add value to your business and it will help it grow.

The IP Audits are worth £3,000 and the UKIPO will pay £2,500 of that fee meaning a business only has to contribute £500.

Is my business eligible and how do I apply?

For an innovative SME to be eligible, they must demonstrate a sound business need and submit an application that outlines the expected benefits of the IP audit. This can be in relation to any type of IP, including patents, trade marks, copyright or designs.

To apply for an IP Audit through the UKIPO’s IP Audits Plus Scheme you need to be supported by the UKIPO’s recognised partners – Scottish Enterprise, Welsh Government and the Enterprise Europe Network programme.

For more information e-mail: ipaudits@ipo.gov.uk

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