Small and medium-sized businesses can get up to £8,000 of help to develop and protect their intellectual property with a new scheme launched today.
The Intellectual Property (IP) for Growth programme connects small and medium size enterprises (SMEs) with expert support to protect their trade secrets and stop their ideas from being copied. It offers businesses help to develop and safeguard their intellectual property.
IP for Growth builds on the information and advice about IP that businesses can access for free from the West of England Combined Authority’s Growth Hub support service.
New products, services, processes or ideas belong to the person who developed them, and are considered their IP. Intellectual Property rights are valuable: they can enable businesses to collaborate with research institutions and other businesses, access investment, and reach export markets.
The IP for Growth scheme offers grants to SMEs to:
- Procure a professional IP Audit – worth up to £2,400
- Implement recommendations from the IP Audit – worth up to £5,600
IP for Growth aims to enable businesses in the region to seize vital growth opportunities, such as registering patents and trademarks or commercialising their IP assets and incorporating them into their wider business strategy.
Businesses that have a strong focus and understanding of IP are more likely to achieve faster growth, and are more likely to receive investment. 40% of investments from the British Business Bank are in technology and intellectual property based businesses.
IP for Growth is now open. The deadline for applications is Friday 17 December, at 5pm. For more details, and to speak to a West of England Growth Hub advisor about the project, please visit IP.
The Combined Authority particularly welcomes applications from businesses that are contributing to net zero, ecological diversity and other environmental benefits.
Eligible businesses must be an SME based in Bath and North East Somerset, Bristol or South Gloucestershire. Businesses will also need to provide 20% match funding and be able to procure and complete an IP Audit within three months of being offered a grant, as well as complete funded activities before 31 December 2022.
