Every business generates Intellectual Property (“IP”). Ensuring it is adequately managed and protected can often be complex and costly.
To help SMEs protect their goodwill, brand and other rights included in their IP portfolio, the Intellectual Property Office (“IPO”) has introduced the IP Audits Plus Scheme which provides
qualifying businesses with access to funding of up to £2,600 towards an IP Audit. You can access this funding by contributing £400¹.
What is an IP Audit?
An IP Audit can be conducted by an IP professional. It provides you with a tailored assessment of the IP within your business to help you develop appropriate IP management strategies. Its results are particularly useful if you are an innovative and/or high growth SME and your success is largely dependent on maximising the value of your IP.
How to apply?
To be considered for an IP Audit, you need to engage with a Welsh Government IP Manager who will advise you whether the Audit is applicable to you. The IP Manager will also manage and submit an application to the IPO on your behalf.
Once your application is accepted by the IPO, you will be able to choose an IP professional to conduct the Audit.
How can we help?
We are IP professionals and can conduct the IP Audit for you.
Our work can cover a wide range of areas, including:
• identification of your current IP portfolio (registered and unregistered rights)
• a review of IP clauses in your commercial and employment contracts
• an assessment of what potential you have for registering your IP
• recommendations on how to manage your IP portfolio to maximise its value
• advice regarding any potential risk of infringement.
Following the conclusion of the IP Audit, we can discuss our recommendations with you at a one-hour meeting free of charge.