04/04/2011
Small and medium-sized enterprises need to work more effectively in order to protect their intellectual property (IP) and to exploit it, according to the Intellectual Property Office (IPO).
It is thought that only some 15 per cent of businesses have taken the initiative and sought advice on how to protect their ideas; whilst only 11 per cent have assigned an employee responsible for IP management.
Fresh Business Thinking published the figures, which came directly from recent research released by the IPO. It is thought that as some 43 per cent of large firms have gone some way to protecting their IP, it is only SMEs that have been left to catch up.
Some may have been hesitant to take any legal action - such as taking out a patent - in order to protect their designs because of the costs involved. However, they could consider approaching factoring companies in order to free up some funds; affording them the financial freedom to invest in their unique designs, and protect them from being poached.
The minister for IP, Baroness Wilcox, made a statement regarding the news. She told an audience at Plymouth University: "Innovation is the backbone of our economy, and it's encouraging that many businesses know the importance of protecting and exploiting their ideas."
"However it's clear that many smaller companies aren't aware of how to make the most of their intellectual property," Wilcox said.
She concluded by confirming the crucial part the IPO could play in companies protecting their rights, telling IPO.ogv.uk: "The IPO offers a range of information and services to help companies identify and benefit from their innovations and designs."
Deborah Bates