A €20 million "Ideas Powered for Business SME Fund" is launched today, aimed at improving access to intellectual property rights (IP) and its benefits for SMEs established in the European Union.
Europe's SMEs are vital to the European economy, accounting for 67% of total employment and 99% of all businesses in the EU. Although only 9% of all SMEs in the EU have IPR, SMEs that have protected their intellectual property have almost a third more revenue per employee than SMEs that have not, according to research carried out by EUIPO.
The new scheme, in which all companies in the EU covered by the official definition of an SME can participate, provides financial support in the form of reimbursements for trademark and design applications of up to EUR 1 500 per company. Applications may be submitted from 11 January 2021. The first of the five periods for submitting applications will then start in 2021.