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4 Ways to Fund your Business

27th June 2018 by Adrian Hocking

 

 

We are often asked if there are options to help fund the growth of a business. If you innovate, then the answer is yes!

 

Let’s take a look at some of the options:

 

1. R&D tax credits

 

Research and Development credits (cash back associated with the tax paid on development work!) are available in a surprising number of countries now, almost 20 at the time of this writing, including Austria, Belgium, Canada, Denmark, France, Ireland, The Netherlands, Spain, UK and even the USA.

 

These are claimable even if you are recording losses, but are still innovating or developing new products.

 

Technological uncertainty? Use R&D tax credits for easy cashback!

 

The main criteria to qualify is quite straightforward – do you have any ‘technological uncertainty’ in your work? This is an extremely wide ranging criteria, and can apply, for example, to law firms developing in-house software to help with their internal processes, and to engineering firms taking new orders that require an iteration or two before the final product is ready to be mass-produced.

 

We talk to many engineering firms and software houses in particular which do not realise that they can make these claims.

 

And, are the claims difficult? Not really.

 

If you do not have the time to do the claim yourself, don’t rely on your accountant! For the first time, use someone with a technical (engineering or science) background who will work on a ‘no win/no fee’ basis.

 

With a technical background (which is the last thing an accountant has!), he or she will be able to drill down into the detail of your work to maximise your claim.

 

It can also be back-dated a couple of years.

 

And, it can be claimed annually.

 

After the first claim, if you then feel that you want to handle it yourself, you can crib the first claim.

 

Please feel free to ask for more information regarding these R&D tax claims, they are really are a no brainer to help fund your business growth.

 

2. Patent Box

 

 

The ‘patent box’ is still a relatively well-kept secret. For some reason, accountants still do not seem to be telling their innovative clients about this potentially lucrative tax reduction scheme.

 

In short, if you create an innovate product which is patented in at least one qualifying country, you can then claim 50% of your corporation tax back on worldwide sales of that part.

 

And, even better, if the patented item forms part of a larger product, the 50% corporation tax cut can be applied to the entire larger product!

 

For example, if BMW creates an improved air intake for the engines of their cars, and successfully patents it, then they can apply for a 50% company tax rebate on the entire vehicle that the air intake is used on.

 

And, better still, the tax cut is for worldwide sales of those BMW vehicles.

 

Patent Box gives a 50% company tax cut!

Similarly to the R&D tax credits above, nearly 20 countries currently operate a Patent Box system or similar.

 

But, isn’t patenting something difficult and long winded?

 

Not necessarily, if you use some strategy!

 

With your patent attorney, by understanding what you actually want to achieve, he or she can tailor the patent specification to limit the likelihood of objections.

 

And, particularly in the UK, it is simple to accelerate the patenting procedure. The quickest I have had a patent granted to date is 7 months from first filing.

 

Please feel free to ask for more information, if this is of interest.

 

3. Kickstarter

 

 

This is popular peer-to-peer funding platform that many have now heard of. There are also plenty of copycat platforms providing a similar format. 

 

With Kickstarter, you prepare your pitch to show the public your idea, the prototype, and the envisaged final product, and in return, the public can ‘pre-purchase’ the product before it’s actually ready. This pre-purchase funding then allows the creator to fund the actual building of the product.

 

So, what are the issues?

 

Firstly, many of the people who choose to fund a cool innovation do not realise that it is an investment, and not a sure fire purchase. As we well know from the various stock exchanges around the world, investments may decrease. It is a gamble. And Kickstarter is no exception. Many of the projects do not come to fruition or do not meet the minimum finding level required to release the capital to the creator.

 

ask the public to fund your idea by pre-purchasing

Secondly, a main reason that creators do not succeed in meeting their funding targets is that they do not know how to market their idea.

 

This is where a company called Funded.Today (www.funded.today) comes to the rescue. Although they will take a whopping 35% of the finally pledged amount, their expertise is in leveraging social media so that your Kickstarter pitch gains the traction that it needs. With that exposure, you are more likely to achieve and surpass the funding that you need.

 

Funded.Today has raised nearly $200 million at the time of writing, so they are definitely on to something.

 

Just remember, you need to have decided whether or not to patent your idea, and to have patent pending status for your creation if you are going to protect it, before you go live on Kickstarter. Follow this general rule of thumb, and you will not go far wrong. This is critical in most parts of the world.

 

4. Equity Release

 

Finally, let’s look at equity release.

 

Some banks (or their subsidiaries) are now able to take ownership of your intellectual property as security on a loan. Effectively, you are releasing equity in your patents and trademarks.

 

This is an interesting concept, and if you already have a patent portfolio plus are active in developing product, it is a potentially easy way to access relatively short term funding.

 

a short-term swap of your patents in return for a loan

Lombard Technology Services, for example, will base a loan on your R&D tax credit claims (see number 1 above) along with taking ownership of your intellectual property. Once the loan is repaid after an agreed, typically three to four years, period with a small amount of interest, the IP (patents, trademarks, designs, etc) rights are re-transferred back into your ownership.

 

Please feel free to ask for any further advice regarding any of the above options, plus other options that may be available dependent on your circumstances. Our passion is to see you succeed.

Filed Under: Costs, IP Strategy, Patents Tagged With: Albright Ip, attorney, Cheltenham, Credit, Crowdfunding, Equity, Equity Release, Europe, European, European Union, Funding, Google, idea protection, informative, Innovation, intellectual property, IP Strategy, Kickstarter, Patent, Patent Box, R&D, R&D Tax Credits, Tax, UK, United Kingdom

Adrian Hocking

Adrian Hocking

Adrian is a Director, as well as a qualified Engineer and an experienced British and European Patent Attorney. Adrian relishes the challenge of obtaining potent and robust patent protection in the UK, Europe and worldwide. Having dealt with over 900+ European patent applications, not to mention all his British and US patent experience, Adrian enjoys advising his diverse international client-base in all aspects of intellectual property law. LinkedIn: Adrian Hocking

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Simon Bradbeer
Simon Bradbeer
11:37 05 Feb 19
After leaving a well known London based attorney Albright IP were recommended to me by a colleague within the group. Since then Adrian and his team have consistently given me superb advice and support whatever the project. With their help the company has been granted a number of robust patents, registered designs and trademarks.read more
Scott Johnson
Scott Johnson
14:59 11 Jan 19
I have known Adrian Hocking for over 10 years. The service he and his colleagues offer is professional, transparent and friendly. If you have an idea that is either completely new or you think is a step-change from what is currently available, I recommend that you contact Albright IP.read more
Hannah Azar
Hannah Azar
11:10 24 Dec 18
Adrian is an exceptionally talented and experienced patent attorney. I was very impressed by the quality of work produced by the team at Albright. A fast, helpful and friendly service.read more
Oliver Pearce
Oliver Pearce
19:11 01 Dec 18
Fantastic one to one service. Knowledgeable. Friendly. Competent. And very rapid response to queries. Very impressed!read more
Simon Folmann
Simon Folmann
21:32 26 Nov 18
Adrian Hocking and Albright IP have offered us excellent service, and expertise over the last 12 months. They explain in detail the processes, implications, and opportunities with obtaining and securing Intellectual Property and for a Product Development company such as ours, it is crucial that the terminology and quality of work be above industry standard. I can with high confidence say, that the delivered work so far from Albright IP and their team, is unparalleled to prior partners we have had in IP; and I am sure it will continue to do so in our future endeavours together.read more
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Martin Boyd
15:17 03 Nov 18
Excellent technical and legal knowledge. Amazing friendly customer service catered to individual customer needs. Highly recommended.read more
Mike N
Mike N
16:14 08 Oct 18
Albright-IP - We can highly recommend Albright-IP, after contacting several patent companies prior to application - we were after a patent company to offer realistic and practical advice, be able to process our claim from start to finish, After speaking with Mr Doherty on the telephone we decided Albright -IP would be able to offer the skills and knowledge required for our application and asked them to represent us. Albright-IP were on hand to explain the complexities of the process and how our claim may or may not be defended in the real world, Mr Will Doherty is our patent attorney, he was professional and attentive, his knowledge and customer service is very good. We are confident our patent application is in good hands and we are pleased to have Alrbight IP there to assist us with our application, without their input we may well have been wasting our time due to our lack of knowledge in this complex matter.read more
Jeffrey Chua
Jeffrey Chua
08:47 14 Sep 18
We worked with Albright IP Limited on patent applications in EU and UK, specifically through Cloe Loo. Cloe and her team have done a fantastic job. We were glad to have assistance from Albright on our patent application journey. I am impressed by the team's professionalism and we will be engaging Albright to be our long-term legal adviser in patent applications.read more
Graham Kelly
Graham Kelly
17:49 07 Sep 18
I have a granted patent! thanks to Will and the team at Albright. 👍 Friendly and helpful service, it's great how they can very quickly grasp the required understanding of your idea and put pen to paper and draft a patent. Will was great at pointing out what are valid aspects of my idea and taking me through the process of what that means in patent language! A few more steps to go to hopefully gain the overseas coverage. 😊read more
Geraint Morgan
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Albright IP provided an excellent, efficient, affordable high quality service that made the whole patent filing experience an enjoyable one - contrary to previous experiences. We are certainly more likely to consider patenting our innovations in the future based on our recent experience and would highly recommend Albright IP to others.......read more
Don Spence
Don Spence
12:07 09 Aug 18
Filing patents can be a steep learning curve but Adrian does an excellent job explaining the process. Adrian and his associates are easy to contact and they will always answer your questions. Money and cost are important and the Albright team do their best to make sure your $$ is spent in a wise fashion. After working with Albright for 6 years, I am happy with their work and I have no reason to change companies. My many thanks for professional service.read more
Graeme Allison
Graeme Allison
22:54 31 Jul 18
Adrian and his team provided and excellent service, their technical understanding is fantastic and patent advice has been impeccable, I’d highly recommend Albright IP should you be looking for patent expertise.read more
Mark Hendriksen
Mark Hendriksen
16:12 17 Jul 18
Exceptional. Guided me through the process in clear understandable steps. Hoping we have a long and successful future ahead with the patents they've so expertly managed for me so far.read more
jing cheng
jing cheng
13:12 19 Jun 18
I contacted Adrain for advise in a short time frame. He is very professional and clear about price policy. He has very good understanding of online business and IP law. He is very quick responding and speakes the language I understand. Highly recommended.read more
Lorenzo Rimoldi
Lorenzo Rimoldi
12:44 07 Jun 18
Adrian was very helpful, upfront and clear on processes, costs and timeline. He's very professional and proactive in his involvement and support. I would definitely recommend Albright IP.read more
Mohammed Deria
Mohammed Deria
04:06 01 Jun 18
Adrian is a true professional at the top of his field! Due to his background in engineering, Adrian effortlessly understand the needs of his client even when it is highly technical in nature. An attentive ear and huge generosity with his time, Adrian's support to us as a client has been extremely valuable. I would highly recommend Adrian and the team at Albright IP for protecting your IP.read more
Guy Procter
Guy Procter
17:36 21 May 18
What can I say, excellent help so far! Very clear and helpful service, explained in terms you can understand covered everything I thought I needed and then some more to give me all the options available. More than willing to recommend Albright IP.read more
Kirishan Siva
Kirishan Siva
09:14 17 Dec 17
The Albright team were extremely helpful and knowledgeable in the whole patent process for our product and went through each process in registering patent to help us understand this fully. Highly recommend Adrian and team for their knowledge, efficiency and professional service!read more
Jade Baron
Jade Baron
16:05 25 Nov 17
Adrian Hocking at Albright handled my recent patent application. I've been very happy with his service. He was very responsive to my questions and explained everything thoroughly. He was very supportive of my idea and consistently positive, which was also helpful. Albright has relationships with various other businesses that help inventors, so it's kind of a like a one-stop-shop. Highly recommend.read more
Meopham Fencing
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15:27 08 Nov 17
Great advice and customer service at a reasonable price. They have enabled us to finalise our case satisfactorily. Would happily recommend them and use them again.read more
James Garritt
James Garritt
09:17 17 Oct 17
Adrian and his team have been fantastic in all works asked to do. They have ensured my idea has been protected in every way. They have helped with the design process also and I could not wish for a better team. You may be paying a little more than you feel is expected....but you get what you pay for and you probably save money in the long run. Highly recommended.... use without worry.read more
Tony Laycock
Tony Laycock
16:06 02 Oct 17
I have found that the company has given me excellent service in getting my patent through the process. Every time I have had a phone conversation I have felt I was given plenty of time to discuss what was happening. Along with sound advice I have been able to make great progress. In my opinion it is one of the best companies I have ever dealt with and would be happy to recommend them.read more
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If you have filed an initial patent application in your home country and are considering an international PCT patent application, analyse any available search results prior to filing and consider modifying the claims to make them as unique and inventive as possible.

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