The European Commission has implemented a fund to support European Union based small and medium-sized enterprises to obtain and exploit intellectual property rights, such as patents, trademarks and designs.
Small and medium-sized enterprises (SMEs) play a vital role in the economy of the European Union. The growth of these companies is essential for creating jobs and is powered by innovation. In recognition of this fact, the European Commission has launched the “Ideas Powered for Business SME” Fund, a grant scheme aimed at helping EU SMEs protect their intellectual property (IP) rights.
In our digital age, protecting IP has become increasingly important. The current version of the SME Fund is implemented by the European Union Intellectual Property Office (EUIPO) and will run from 23 January 2023 to 8 December 2023. The aim is to provide financial support to EU-based SMEs to help them develop and protect their IP rights. The funds are limited and available on a first come, first served basis. The decisions in our past experience have been made quickly and will be taken on a weekly basis.
The SME Fund has been expanded and now offers financial support to cover a wide range of IP assets, including trade marks, designs, patents, and plant varieties. Generally, it provides support to SMEs of up to EUR 1,500 for filing trademarks and designs and EUR 750 to pay national patent fees.
The way the fund operates is slightly different from country to country. SMEs can apply for the grant through an owner, an employee, or through an authorized external representative, such as a patent or trademark attorney, acting on their behalf. The reimbursement is transferred directly to the SME’s bank account.
Protecting your IP is a legal way to avoid having your unique ideas, products, or services copied or used without permission as well as to encourage licensing and collaboration between companies. Formal IP protection helps to ensure that your hard work and investment put into creating a unique product or service is not exploited by others.
We welcome the “Ideas Powered for Business SME” Fund. We’ve already helped new companies, startups, and established companies in getting funds in the past to enable to develop intellectual property strategies and protect their intellectual property.
Feel free to contact us if you would like to get more information and support in getting the funds.