UKIPO issues formal response to Industrial Strategy IP views
The UK Intellectual Property Office (IPO) has published several proposals, including some addressing barriers to growth for IP-rich companies, in response to received views of IP with regard to the government’s Industrial Strategy.
In November 2017, the government published the strategy with the aim of boosting long-term productivity in the UK. The initiative covers five main themes: ideas, people, infrastructure, business environment and places.
The IPO asked for views on how to maximise the incentives of the IP system in order to “stimulate collaborative innovation” and increase licensing opportunities for IP rights. It received more than 50 written replies.
In its response to those views, released yesterday, May 21, the IPO (citing reports) said the UK is rated one of the most innovative countries in the world “and recognised as a global leader in science and research, but there is more that we can do to ensure our strengths in research and innovation translate into a boost in productivity and earning power”.
The IPO noted that the UK spends 1.7% of GDP on R&D, whereas the OECD average is 2.4%.
It said that if the UK is to be the most innovative country in the world, “we need to be able to capture the value from our science, research and innovation, including effective commercialisation of our ideas and innovations”.
The IPO said many respondents engaged with the theme of IP finance, prompting the office to identify several mechanisms that require immediate action.
First, in response to Chancellor Philip Hammond’s Autumn statement of November 22, 2017 and the Industrial Strategy White Paper, the IPO will work with businesses, lenders, insurers, the British Business Bank and HM Treasury to “overcome the barriers to high growth” facing IP-rich firms.
This should help them use their IP to access growth funding, the IPO added.
Second, the IPO is working with universities and local enterprise partnerships (voluntary partnerships between local authorities and businesses) in the West Midlands region to provide financial and advisory support to help local small and medium-sized enterprises (SMEs) develop and implement an IP strategy.
Third, the IPO said, it will review the IP Finance Toolkit, which was launched in March 2015 to address the barriers that IP-rich SMEs face when accessing finance.
Many respondents raised issues relating to Brexit, the IPO said, but those views have been directed to the “relevant officials” for consideration as part of the leaving process.
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