Pilot scheme launched to boost region’s IP assets

A 12-month pilot scheme has been launched to provide financial and advisory support to help SMEs develop and implement an intellectual property (IP) strategy.

The Intellectual Property Office is working in partnership with Local Enterprise Partnerships and universities in the West Midlands to introduce an Innovation Enabler fund.

While the size of the fund hasn’t been announced, the pilot has the potential to support up to 23 SMEs identified from partner support programmes.

Businesses will develop their IP assets through an IP audit, and be supporter to go on to more effective commercialisation of those assets through collaboration, exports and more emphasis on R&D.

The government has pledged to see an increase in overall R&D spend from 1.7% of GDP to 2.4% of GDP by 2027, to put the UK on a level playing field with most other OECD member states.

Despite the UK’s international reputation for first class innovation and research, it lags way behind countries like the USA and Germany in overall R&D spend, which is a key measurement for future economic growth.

The correct IP protections provide a legal safeguard to any innovator, ensuring that their idea cannot be used by a rival which avoids incurring any R&D costs, thereby robbing the innovative firm of the fruits of their investment.

In order to maximise the effectiveness of our IP system, the government is consulting with a wide range of stakeholders to get their views on how best we can improve the incentives the IP system offers to encourage collaborative innovation, and substantially increase licensing opportunities for IP rights originating from UK businesses.

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