Intellectual Property Audit

The IP advance scheme has two levels of funding:

Level 1: IP Audit:

• Provides part-funding of £2,250 (including VAT) towards the cost of an IP audit conducted by a suitably qualified IP professional, such as Herrington Carmichael LLP.
• The business itself must contribute £750 (including VAT) towards the overall cost of the audit.
• In return, the business will receive a bespoke IP Audit report with recommendations, cost projections and a suggested timeline for implementation prepared by the IP Professional, effectively an IP strategy report.

Level 2. IP Access:

• Provides a contribution of up to £2,250 (including VAT) for IP professional advice to progress an IP management strategy or implement recommendations from their IP audit.
• The business itself must contribute a minimum of 50% towards the cost of the services carried out by their IP professional under IP Access to qualify for support.

A business can apply for one or both levels of funding. It is not a requirement to have received IP Audit funding before receiving IP Access funding.

An IP audit is a systematic review and assessment of an organisation’s intellectual property assets to understand their scope, value, protection status, and potential for commercialisation or enforcement. Here at Herrington Carmichael, our IP audit’s include:

• Identification of what IP you currently have
• Explanation of what potential you have for registering that IP
• Identifying existing commercial contracts with an IP element (such as IPR licenses, assignments, contracts for services, supply contracts, employment and director contracts) or recommending putting them in place
• Recommending procedures and practices to adopt to achieve effective IP management and monitoring, and in turn, improved protection of IPRs; and
• Recommending procedures to adopt in response to an IPR infringement, and to limit risk of reoccurrence

Almost any business regardless of its size or stage of life cycle, can benefit from an IP Audit. Improper or lack of IPR management and protection could leave you and your business exposed to infringement and risk of third parties taking unfair advantage of your IPRs. An IP Audit from Herrington Carmichael will include recommendations that will help minimise such risks.

Some of the benefits for your business may include:

• Bringing to your attention the potential value of your IPRs and identifies ways of maximising their potential (including licensing, franchising or sale opportunities for underutilised IP)
• Identifying potential IP infringement by others and ensures the business isn’t unknowingly infringing on third-party rights and recommending appropriate initial steps to rectify such issues
• Highlighting to you those IP rights that may soon expire, lack sufficient protection, or have no protection at all
• Identifying vulnerabilities, such as weak contracts with customers, suppliers, or partners, which could lead to IP loss

To be eligible, a business must:

• Be a UK Small or Medium-Size Enterprise (SME) – i.e. a company having a turnover under £36m, a balance sheet total less than £18m, and fewer than 250 employees
• Successfully apply for funding with one of the IPO recognised partners – i.e. Innovate UK Business Growth, Scottish Enterprise, Highlands and Island Enterprise, South of Scotland Enterprise, and Invest Northern Ireland or the Welsh Government (depending on your location)

In order to apply, you will need to reach out to one of the recognised partners (i.e. Innovate UK Business Growth, Scottish Enterprise, Highlands and Island Enterprise, South of Scotland Enterprise, and Invest Northern Ireland or the Welsh Government) – if you are having trouble reaching out to one of these recognised partners directly, please contact Herrington Carmichael and we can help you make the necessary connections.

The relevant recognised partner will be able to discuss your situation with you and advise whether your company meets the relevant criteria (see above) and would be suitable to apply for IP Advance funding.

If you are advised to proceed, you will then need to complete an application form – Herrington Carmichael are able to support you through this process if required. Once completed, this form will be sent via your selected partner to the UK IPO on your behalf.

Applications for funding via the IP advance scheme are assessed by the above organisations and it is not guaranteed that all such applications will be successful.

Our intellectual property solicitors at Herrington Carmichael are vastly experienced with advising their client on a range of intellectual property law matters (including, trade marks, IP licences, copyright protection and design rights). Herrington Carmichael are therefore ideally placed to support businesses who wish to utilise the IP Advance scheme to meet their commercial goals.