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The 2nd season of Ideas Powered for Business SME Fund has started

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The 2nd season of Ideas Powered for Business SME Fund has started

The Ministry of Energy announced that the second period for submitting applications by small and medium-sized enterprises (SMEs) to secure sponsorship for a trademark registration under the European “Ideas Powered for Business SME Fund” program started on March 1st.

According to a press release of the Ministry of Energy, three more application periods will follow until September and it is added that during the first application period, which ended on 31/01/2021, 37 Cypriot companies applied for a trademark grant or industrial design. Another 79 grant applications were made by small and medium-sized companies operating in Cyprus.

He adds that Cyprus ranks 13th out of 27 countries in applications for indigenous SMEs and 8th out of 28 National Offices in applications for small and medium enterprises operating in Cyprus.

He clarifies that the program offers financial incentives to SMEs to register and, consequently, to protect their trademarks and industrial designs. In total, for 2021, it will provide € 20 million in grants to small and medium-sized enterprises based in the EU to help them access and benefit from their intellectual property rights.

The second submission period will last until 31/03/2021. During the month, Cypriot SMEs will be able to apply for a grant of 50% of the basic fee for registration of Trademarks and Industrial Designs through the “Ideas Powered for Business” platform of the European Union Intellectual Property Office (EUIPO), at online link: https://euipo.europa.eu/ohimportal/online-services/sme-fund. At the link, in addition to the way of submitting applications, those interested can be informed about the required conditions, the schedule and other information related to the program.

The Ministry of Energy, Commerce and Industry encourages companies to protect their intellectual property by strengthening their brand and industrial design, to become more widely known and recognizable in the market.

It also states that intellectual property is becoming increasingly important in today's knowledge economy, as it is a key driver of innovation and economic growth.

For more information, interested companies can contact the relevant official of the Ministry of Energy, Trade and Industry Pantelis Pantelis, at 22404357 and at the email address ppandeli@drcor.meci.gov.cy.

Source: www.philenews.com

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