The “Ideas Powered for Business” SME fund is a grant scheme that has been approved in order to assist small and medium-sized enterprises based in the European Union (including Cyprus), to benefit from their intellectual property rights.
The new scheme, which is applicable to all EU companies that meet the official description of SMEs, offers financial support in the form of reimbursement of costs for applications of trademarks and designs of up to €1, 500 per beneficiary (business).
In line with the above, interested companies, if eligible under the official EU definition of small and medium-sized enterprises, can submit their applications electronically to the EU Intellectual Property Office (EUIPO) and, if approved, a refund of 50% of the application fee will be given.
Such refunds are given by EUIPO for all applications registered in the Intellectual and Industrial Property Section of the Department of Registrar of Companies and Official Receiver.
The effective date where applications are open are the following:
- 11 January 2021 - 31 January 2021
- 1 March 2021 - 31 March 2021
- 1 May 2021 - 31 May 2021
- 1 July 2021 – 31 July 2021
- 1 September 2021 – 30 September 2021
The new program is being implemented under the "Ideas Powered for Business" scheme at EUIPO, and is part of the action plan for IP of the European Commission. This initiative is also being carried out in cooperation with national and regional EU intellectual property offices. Such grant will be on a ‘first come, first served’ basis.
For further information and assistance, feel free to get in touch with our Head of IP, Xenia Kasapi by clicking here.