Empowering Businesses: Cyprus’ Statistics during the Ideas Powered for Business SME Fund

This newsletter article is an update to our earlier article entitled: Empowering Businesses: EU IPO offers funding for SME in trademark and design applications.

The €20m worth Ideas Powered for Business SME Fund (SME Fund) empowers European small and medium sized enterprises (SME) to establish and build on their Intellectual Property (IP) Rights portfolio through 50% reimbursement in trade mark and design applications at a national, regional (Benelux) and EU level.

In the first application window, 37 Cypriot SME and 79 SME which are active in Cyprus have received approval from the SME Fund, while in the second application window, 36 additional Cypriot SME have received such approval. SME that receive an approval through a Grant Decision may then proceed to registering their trade mark(s) and design(s) applied for with a 50% reimbursement on their basic application fees.

The SME Fund is a unique opportunity for SME to grow their business through protecting their IP rights, enhance their branding strategy and build on their reputation. In fact, statistics by the EU IPO show that:

  • Licensing their EU trade mark led to 30% of the revenue for micro companies
  • SME with IP rights have 32% higher revenue per employee (causal link not implied)
  • After registering, SME report a 54% positive impact in their business and, in particular, in reputation increase (52%), turnover (39%), and access to new markets (37%)

In addition, a recent Report by the EU IPO and the European Patent Office (EPO), illustrates a strong, positive correlation between IP Rights ownership and economic performance in SME, through gaining a revenue up to 36% higher. Click here to read our EU IPO/EPO article and here to read the Report in full.

In light of the fact that the grants are awarded on a first come, first served basis, as well as the fact that the SME Fund is now in its third (3rd) application window closing on 31 May 2021, we encourage interested SME applicants to get in touch with us at their earliest opportunity.


Our Intellectual Property (IP) Practice Portfolio

Get in touch with us for a consultation relating to the protection of your IP Rights. Our clientele benefits from our in-depth knowledge and experience in handling the entire IP Rights registration process on their behalf.

Our clientele further benefits from tax aspects relating to the protection of their IP Rights, including the sought-after Cyprus IP Box Regime; a tax-beneficial regime relating to R&D and taxation in Cyprus.


Celebrating our 10 Year Anniversary!

We are celebrating our 10 Year Anniversary with a redesigned Company Profile, showcasing our achievements through our incredible journey, a brand new YouTube Channel with our Founder’s Message and an introduction into our team videos, as well as with a new webpage coming soon!

Thank you for being part of our journey.