Ideas Powered for business SME Fund
Contributed by Oxford Tax Solutions
10 August, 2021
The Ideas Powered for business SME Fund is a EUR 20 million grant scheme implemented by the European Union Intellectual Property Office (EUIPO) aiming to assist small and medium-sized (SMEs) European companies. This European Commission initiative aims to support businesses develop their Intellectual Property strategies and protect their rights, at national, regional and EU level. A maximum of EUR 1,500 is available as reimbursement per SME.
SME's that are approved through the Grant Decision, will be able to continue with registering their trade mark and design that they have applied for, and receive 50% reimbursement on their basic application fees.
SME's are defined by their staff headcount, turnover or balance sheet total. See details in table below:
|Company Category||Staff Headcount||Turnover||Balance Sheet total|
|Micro||under 10||up to EUR 2 million||up to EUR 2 million|
|Small||under 50||up to EUR 10 million||up to EUR 10 million|
|Medium||under 250||up to EUR 50 million||up to EUR 43 million|
The above table and figures apply to individual firms exclusively. A company that is part of a larger group may have to include staff headcount, turnover and balance sheet total of the whole group.
Applications are treated on a first come-first served basis and applications must be submitted promptly within specific timeframes/windows. The first window commenced on 11 January 2021 until the 31st of January 2021. The next and final window is the period 01 September 2021 - 30 September 2021. Applications must be submitted online, along with all the supporting documentation to the SME fund. An email will then be received to ensure the receipt of the application (IP Voucher). When successful, grant decision is then signed by the EUIPO. When a positive decision is notified, the company will have 30 days to apply and pay for the trade mark. Once payment has been made, the company can submit their request for reimbursement using the link that is provided to them in the grant decision. Payment will be made within a month.
A recent report published by the EUIPO state that they have found a positive correlation between IP Rights ownership and economic performance in small and medium-sized entities. The grant offers an opportunity for companies to improve protection of their IP, enhance their branding strategy, maximize the strength of their trademark and become more recognisable in the market.
For more details and assistance in regards to the above referred to grant, please contact our offices at email@example.com .
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