Legend has it that there is a pot of gold at the end of every rainbow. Whilst this is yet to be proven (we’re still looking…), owners of SMEs and innovative businesses may be able to stop the search thanks to the UK Government’s new Innovation Strategy.

Having recognised the value of innovation, the government aims to back businesses financially and give them the confidence to invest in their IP strategy as they approach the murky post-pandemic waters. As part of this scheme, the UK IPO has introduced the IP Access fund which aims to support companies as they recover and grow.

It may be a little optimistic to expect to see UK IPO officers handing out wads of cash à la Oprah, but eligible businesses can now access grants of up to £5000 (including VAT) to put towards IP related costs. This will enable SMEs to create or develop their IP strategy by covering expenses such as service fees, insurance advice, and the management of IP assets.

The IP Access fund is open to businesses who completed an IP audit under the IPO ‘IP Audits Plus’ programme between April 2020 and March 2022. Applications are open now and will close on 31 March 2022. For more information, you can email ipaccess@ipo.gov.uk. If you would like to discuss getting your IP in order, feel free to get in touch with us by clicking here.