UK Intellectual Property Office (UKIPO) have teamed up various partners to offer innovative British businesses a grant to subsidise the cost of a professional intellectual property (IP) audit.
Businesses need to apply to the applicable partners (listed below) and if successful, the IP Audit scheme will provide part-funding of £2,250 (including VAT) towards the cost of an IP audit. Your business must contribute £750 (including VAT) towards the overall cost of the audit. Your business will then receive a bespoke IP Audit report, produced by Berry Smith with recommendations, cost projections and a suggested timeline for implementation. Participating businesses will also benefit from a follow-up meeting to discuss the report’s recommendations.
Why do you need an IP Audit?
In today’s fast-paced and highly competitive commercial landscape, effectively identifying, managing and leveraging your IP is crucial to unlocking the full potential of your innovation. IP is not just a legal asset; it is a core business asset that can define your competitive edge and shape the long-term success of your company.
A well-structured and proactive IP strategy enables you to:
- Maximise the commercial value of your innovation, branding, creative works or technical know-how.
- Create market exclusivity by protecting key products, processes or services, deterring imitation and helping to build customer loyalty.
- Secure competitive advantage by ensuring that your differentiators are protected and legally enforceable.
- Drive growth by opening up licensing opportunities, supporting franchising models, and facilitating entry into new markets.
- Support future innovation by establishing clear ownership and usage rights that enable R&D and collaborative ventures.
- Provide legal and commercial clarity, particularly in preparation for investment, mergers, or acquisition opportunities.
Perhaps most importantly, robust IP protection gives you certainty and peace of mind. It reduces the risk of infringement disputes, strengthens your hand in negotiations, and reassures stakeholders that your core assets are secure.
What will an IP Audit consist of?
The starting point for developing an IP strategy that genuinely supports your commercial goals is an IP audit.
An IP audit is a systematic review of your IP assets, policies, and procedures. It helps you:
- Identify unregistered or unexploited IP,
- Uncover gaps in protection,
- Ensure ownership is properly documented,
- Avoid potential infringement risks, and
- Align your IP portfolio with your wider business objectives.
Whether you are a start-up preparing for seed investment, an established business entering new markets, or a company seeking to licence or sell its technology, an IP audit is a critical step in ensuring your most valuable assets are working for you — not against you.
In Wales, contact the Welsh Government at intellectual.property.information@gov.wales. For information about their Business Wales support programmes visit businesswales.gov.wales.
In England, contact Innovate UK Business Growth via their National Enquiry Gateway here.
If you would like us to conduct your UKIPO IP audit or help you apply for your IP audit grant, please contact us at commercial@berrysmith.com or 029 2034 5511.