The Ideas Powered for business SME Fund implemented by the European Union Intellectual Property Office (EUIPO) has concluded its fourth year of operation with a significant number of applications from entrepreneurs. In 2024, a total of 378 applications were received from Latvian SMEs, which is a 24% increase compared to the previous year.
“The SME Fund is a significant resource that has allowed enterprises to overcome economic challenges, promoting the sustainable and competitive entrepreneurship. I would like to commend the high activity of Latvian entrepreneurs and patent attorneys in using the support provided by the Fund. I invite Latvian companies to be forward-looking and use the Ideas Powered for business SME Fund to protect their intellectual property (IP) also this year,” says Agris Batalauskis, Director of the Latvian Patent Office.
In addition, the number of submitted requests increases every year. In 2024, Latvian companies applied for a total of 520 services, which is 91 services more than in 2023.
In 2024 in Latvia, the most active requests for the SME Fund support were for trademark and design protection (Voucher 2) – 327, European Union (EU) trademarks being registered most actively. In turn, Voucher 1 covering IP feasibility study services was the second most requested one: IP SCAN service was requested by 149 SMEs, and IP Scan Enforcement - by 31 SMEs. Regarding Voucher 3 which provides financial support to enterprises for patent registration, 13 requests were received. In turn, no applications were received from Latvia for Voucher 4 which provides support for the protection of plant varieties.
In total, in 2024, the support through the SME Fund was provided to almost 32 thousand SMEs across all 27 EU countries. The largest number of applications was received from enterprises in Spain (4925), Poland (3758), the Netherlands (2869), and Germany (2672). The majority of companies requested grants for trade mark and design protection (30023), while 1930 SMEs requested the IP SCAN service, and 165 applications were received for the IP Scan Enforcement service, which was a new addition in 2024. Compared to 2023, there is a decrease in the overall indicators in 2024. Accordingly, in 2023, financial support was provided to almost 35 thousand SMEs across all 27 EU countries.
Since 2021, when the EUIPO and the European Commission launched the SME Fund initiative, a total of more than 72 thousand SMEs have received financial aid.
The Latvian Patent Office informs that the submission of applications for SME Fund support will be available to all Latvian SMEs from 3 February 2025 and will continue throughout the year or until the funding allocated to the SME Fund by the European Commission is available.