Using The EU’s SME Fund to Protect Your Intellectual Property – A Smart Move for your Business

When starting a business, many entrepreneurs do not consider importance of protecting their intellectual property (IP), early on. Protecting your IP is crucial in today’s competitive market, however it does not come cheap. For small and medium-sized enterprises (SMEs), securing IP rights can be a daunting task due to costs and complexities of the application process. However, the EU’s SME Fund offers a valuable financial resource to help businesses safeguard their innovations and brand identity.

Who’s eligible?

The SME Fund offers financial support to SMEs established in the European Union. It provides financial assistance to cover costs associated with various IP activities, such as trade mark registration, design protection, and patent applications at the EUIPO. The application can be submitted by an owner, an employee or an authorised external representative acting on their behalf.

How the SME Fund Can Help

The SME Fund grants are awarded in the form of vouchers that beneficiaries can use to claim reimbursement for a specified portion of their IP application costs or to cover the costs of IP pre-diagnostic services (IP Scan) and registration fees.

The benefit of IP for SMEs

The EUIPO’s most recent SME scoreboard showed that while only 10% of European SMEs own any type of registered IP right, those that do, earn 68% more per employee. 93% of SMEs that have registered IP have seen a positive impact resulting from that registration. 60% of SMEs reported that registration improved their reputation or image and 48% reported that it gave better long-term business prospects.

Additionally, SMEs with IP rights have a proven greater chance at securing vital funding, while the exclusive rights to make, sell, license and export innovative products and branding, provide a competitive edge that can far outlast the typical first-to-market approach.

Making the Most of the SME Fund

To maximise the benefits of the SME Fund, consider the following steps:

1. Evaluate Your IP Needs:

Assess which aspects of your business need IP protection— this could include trade marks, designs, and/or patents.
The SME Fund offers IP pre-diagnostic services (referred to as the “IP Scan”) – Essentially this is an IP audit and IP health check for SMEs conducted by IP professionals for which certain fees incurred may be reimbursed under the grant scheme. This will help you understand your IP needs and strategy.

2. Apply Early:

The fund operates on a first-come, first-served basis, so it’s wise to apply as soon as possible.

The EU’s SME Fund is a valuable tool for small and medium sized businesses looking to protect their intellectual property without breaking the bank. By taking advantage of this fund, you can secure your innovations, build a strong brand, and position your business for long-term success. Don’t miss out on this opportunity to safeguard your business’s future.

If you have any queries on this issue or on any other matters of an intellectual property nature please do not hesitate to contact Clare Snaddon on csnaddon@reddycharlton.ie or 01 6619500.