Thought
Emma Ward
Leaders
Partner at Nelsons
Leading by example, one opinion, one idea, one lesson at a time, our thought leaders are significant in the Leicester and Leicestershire business scene. With authority in their field of expertise, passion for sharing ideas, and commitment to helping others, they’ve been asked to express their most current brainwaves in print. Selected organisations and individuals share how and why they go about their business, reveal their ambitions, provide clarity on matters within their industry, educate on complex or novel subjects, inspire with their forwardthinking and progressive perspectives, or look backwards to evaluate what’s been learnt.
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The importance of IP Audits
T
he UK Intellectual Property Office recently launched an Intellectual Property (IP) Access Grant, extending its existing IPO Audits Plus Programme, as a way to support SMEs. An IP audit is a review that helps identify existing IP and opportunities to create IP rights within a business, providing that business with a competitive advantage in the market. There’s always a risk that once a product is on the market, a competitor will copy it. But if an audit has identified the rights that might accrue to, or might be available to, protect that product, the business could be in a stronger position than it otherwise would be to prevent unauthorised copying. An IP audit may identify existing, unregistered IP, or opportunities to register/ create IP. Unregistered rights tend to be less extensive, more difficult to prove the existence of, and be of a shorter duration than registered rights.
However, they’re worth knowing about, as are any opportunities to register IP, so as to strengthen the protection, and thus the commercial advantage that might be available. An expert should be brought in to conduct the audit, as they’ll be better placed to spot the potential to create and protect IPR. They’ll also be able to help support with IP strategy and advice. The new IP Access Grant is an ‘add on’ to the support that’s provided through the Audit Scheme, which provides funding of £2,500 to qualifying businesses for use in obtaining an audit. The Grant sees the government pay up to £5,000 to businesses, which can be put towards a number of costs including professional fees, to help protect and commercialise IP. Both provide businesses with confidence and financial support – allowing them to develop and grow securely as they recover from the pandemic.
