Patent scheme for SMEs seeks EU funding
IP Europe is seeking funding from the European Commission, Council and parliament for a new initiative, Patent Factory Europe, which aims to boost the competitiveness of European small and medium-sized enterprises (SMEs).
The announcement was made earlier this week at IP Europe’s annual SME event.
On Wednesday, June 19, representatives from a number of SMEs met with senior officials from the European Long-Term Investors Association, the European Commission and National Promotional Banks and financial institutions to discuss the initiative.
According to a press release, Patent Factory Europe will be created within InvestEU, a programme which supports investment in the EU. IP Europe said the initiative will help European SMEs finance the development of new patents and raise capital.
Francisco Mingorance, the executive secretary of IP Europe, called for the EU to allocate €1 billion over the next 7 years for the InvestEU budget.
He said that through this funding, innovators will be able to “finance patent generation, advisory services on IP-led growth strategies, and attract more investors that can finance the growth of innovative European businesses”.
Mingorance said that in turn, this will support “the development of a true European digital innovation ecosystem”.
Jyrki Katainen, the European Commission’s vice-president for Jobs, Growth, Investment and Competitiveness, said the initiative will “further boost investment in key areas like artificial intelligence, 5G and connectivity”.
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