European SME Fund scores application milestone
Fund receives 15,000 applications in first half of 2022 | Spain, Italy and Poland top three applicants | €47m fund set up in wake of COVID-19.
The European Union Intellectual Property Office (EUIPO) and European Commission’s fund to help small and medium-sized entities (SMEs) cover IP costs has hit a milestone of 15,000 applications in the first half of 2022.
A total of 28,000 applications have been submitted since the fund began in January 2021, with most applications coming from Spain (2652), Italy (1855), Poland (1702) and France (1232) from the manufacturing sector, retail, science, technologies, information and communication industries.
The fund was set up in 2020, in the wake of COVID-19, to provide financial support for SMEs. In January this year, the second edition of the fund was announced, with up to €47 million ($53 million) in funding available.
The fund will cover a number of costs associated with obtaining IP across the EU between 2022-2024, including reimbursing 90% of fees for “IP scan” services (initial comprehensive and strategic IP advice) charged by member states and 75% of overall fees charged by the EUIPO and the Benelux Intellectual Property Office for trademark and design registration.
For the first time, the SME Fund also pledged to cover patent costs, with the European Commission setting aside approximately €2 million to patent-related services.
In 2021, the fund helped almost 13,000 SMEs navigate the IP landscape by offering them tools, resources and financial support. SMEs can save up to €2,250 if they choose to protect their IP rights through the SME Fund.
According to the EUIPO, the fund has had a significant educational impact on European companies, with Nearly 80% of the applicants having their first contact with the world of IP through this initiative.
The fund is also beneficial for companies of all sizes—as many as 96% of the applicants are micro-enterprises.
“Its positive impact is partly due to its simplicity (the registration process is straightforward). It has also captured the attention of entrepreneurs who need support to grow and succeed in competitive markets by taking advantage of their intangible assets,” said the EUIPO.
As a result of the fund’s success, the European Commission and the EUIPO have recently increased the fund by €10 million.
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