How a Funded IP Audit Could Help Your Business Reduce Risk, Protect Growth and Plan Ahead
By Mike Tennant, Director at Tennant IP
For many businesses, an IP Audit Wales could uncover some of the most valuable assets they own. Brand names, logos, products, website content, technology and reputation all carry significant value, yet many businesses only start thinking seriously about protection when something goes wrong.
Your brand name, logo, products, services, website content, technology, marketing materials and reputation all carry value. Yet many businesses only start thinking seriously about protection when something goes wrong.
Perhaps they receive a challenge from another business, discover that a trade mark application has failed, face an expensive rebrand or encounter difficult questions from investors. Sometimes, they simply discover that someone else already owns rights they assumed were available.
The reality is that many businesses are sitting on valuable intellectual property without fully understanding what they own, what risks exist or how exposed they may be.
The good news is that support is available.
Through a UK Intellectual Property Office (IPO) scheme, eligible Welsh businesses may be able to access a part-funded IP Audit, helping them gain clarity around their brand, intellectual property and future plans.
What Is an IP Audit?
An IP Audit is designed to help businesses understand:
- what intellectual property they already own
- what should potentially be protected
- where risks or gaps exist
- how their intellectual property supports future growth
In practical terms, this can include reviewing:
- brand names and trade marks
- logos and visual identity
- domain names and online assets
- products and services
- ownership of creative or technical work
- international expansion plans
- licensing and commercial opportunities
Importantly, a good audit is not simply a legal checklist.
It is about helping businesses make better commercial decisions.
"A good IP Audit isn't just about identifying legal risks. It's about helping businesses make better commercial decisions around their brand, technology and future growth."
— Mike Tennant
How does IP Audit funding work in Wales?
Eligible SMEs can currently access support through the UK IPO IP Audit scheme, which typically provides:
- £2,250 (including VAT) towards the cost of an IP Audit
- a business contribution of £750 (including VAT)
In Wales, applications are generally directed through Business Wales and the Welsh Government IP team.
For many businesses, it represents an opportunity to obtain high-level strategic advice at a heavily reduced cost.
Why are Businesses investing in IP Audits?
Most businesses do not deliberately ignore intellectual property.
They are focused on growing, employing staff, serving customers, developing products and winning work.
Intellectual property protection is often misunderstood, and those misunderstandings can create problems later.
Businesses regularly approach us believing they simply need to file a trade mark application, but a wider review often uncovers more important strategic issues that need consideration first.
That might include:
- gaps in ownership of key assets
- risks around overseas expansion
- inconsistencies between branding and registrations
- vulnerabilities created by third-party developers or designers
- missed opportunities to strengthen the business before investment or growth
For many companies, the biggest benefit is clarity.
Knowing:
- what matters most
- what action should be prioritised
- where potentially expensive mistakes can be avoided
Real-world examples of an IP audit in practice
In one recent project for a Welsh AI business, the audit helped identify:
- key trade mark filings ahead of launch
- international protection opportunities
- ownership issues relating to third-party development work
- potential patent considerations surrounding proprietary technology
The process also helped the business prioritise protection commercially, balancing budget, future investment plans and growth ambitions.
"The audit gave us a much clearer understanding of where we stood, what needed protecting and what the next steps were. Mike and James were easy to deal with, highly knowledgeable, and helped break down what could have been a very complicated area into something practical and commercially useful."
— Charlie Evans, Direct 2 AI Ltd
This is where businesses often see the real value of the process.
An IP Audit can help companies:
- move forward with confidence
- strengthen investor readiness
- avoid costly rebrands and disputes
- understand what genuinely needs protection
- identify opportunities they may not have previously considered
Is Your Business Suitable for an IP Audit?
An IP Audit can be particularly valuable if your business is:
- growing or scaling
- investing in branding or marketing
- developing new products or technology
- preparing for investment
- expanding internationally
- launching something new
- unsure whether its intellectual property is properly protected
Even established businesses are often surprised by what an audit reveals.
How Tennant IP can help with an IP Audit in Wales
At Tennant IP, we have already helped a number of Welsh businesses better understand, protect and strengthen their intellectual property position through IP Audits and wider strategic advice.
We can:
- advise whether the scheme may be suitable for your business
- guide you through the eligibility and application process
- carry out the audit itself
- help you prioritise the next steps commercially and strategically
Importantly, our approach is designed to be practical and commercially focused, not overly legal or complicated.
"The businesses that benefit most from an IP Audit aren't necessarily the biggest. They're the ones who want to make informed decisions early, before problems arise."
— Mike Tennant
Frequently Asked Questions
Businesses often have practical questions about funding, eligibility and how the IP Audit process works. Here are some of the most common questions we receive.
What is an IP Audit?
An IP Audit reviews a business's intellectual property assets, including trade marks, branding, technology and creative work, helping identify risks and opportunities.
Who can apply for a funded IP Audit in Wales?
Eligible Welsh SMEs may be able to access support through the UK Intellectual Property Office IP Audit scheme via Business Wales.
How much funding is available for an IP Audit?
Eligible businesses can typically receive £2,250, including VAT, towards the cost of an IP Audit, with a contribution of £750, including VAT.
Why should businesses consider an IP Audit?
An IP Audit can help businesses reduce risk, avoid costly mistakes, strengthen investor readiness and identify valuable intellectual property assets.
Can Tennant IP help with an IP Audit?
Yes. Tennant IP can advise on eligibility, guide businesses through the application process, carry out the audit and recommend practical next steps.
Speak to Tennant IP
If you'd like to explore whether a funded IP Audit could benefit your business, we'd be happy to have an initial conversation.
Whether you are protecting a growing brand, preparing for investment or simply looking for clarity around your intellectual property, an audit can provide valuable insight and direction.
Contact Tennant IP to discuss your business and the next steps.
Call 01633 528492 or email mail@tennantip.co.uk. You can also book a Free intial appointment, click here
