The Intellectual Property Office (IPO) wants to hear from businesses by 2 February 2024 about intellectual property (IP)’s role in helping them scale and grow.
- New government survey aimed at businesses explores the role of IP and business growth
- IP-intensive industries account for more than a quarter of UK output — around £300 billion a year
- Intangible assets, often protected by IP, may make up around 70-80% of a company’s worth
- The IPO wants to explore awareness and use of IP assets by businesses seeking to grow.
The IPO is asking businesses to share their views on the role IP plays in supporting the growth of their business. It is inviting them to take part in a short survey.
In a modern global economy, innovation, creativity, design, and brand recognition are increasingly important to business success. All these elements are underpinned by IP rights such as copyrights, trademarks, patents, and designs.
The IPO wants to support businesses to manage their IP rights effectively. It is conducting a review of the UK’s IP-backed finance ecosystem and IP insurance landscape.
The new survey forms part of this review.
The survey covers a broad range of topics. Responses will help the IPO:
- Better understand how businesses may raise external finance — including leveraging their IP assets to secure funding
- Explore awareness, perception, and use of IP litigation insurance products among businesses
- Better understand how to support businesses most effectively in managing their IP assets.
The IPO wants to hear from businesses of all sizes and from a wide range of sectors that hold IP — whether an individual entrepreneur, start-up, established firm, or large corporate.
The IPO’s Director of Business and International Policy, Ben Llewellyn-Jones, said:
“In a fast-evolving global economy, access to finance remains a key issue for every business. To ensure businesses can capitalize on new opportunities, we want to support them to understand and use their IP effectively, helping to foster economic growth and prosperity.
“We want to hear from as many businesses as possible, especially from innovative firms looking to grow. This will help us understand their issues and target our support to meet their needs. We want businesses of all types and sizes to have their say, so would urge them to complete our survey by the end of January”.
Vice-President of the Chartered Institute of Patent Attorneys (CIPA), Matt Dixon, said:
“CIPA enthusiastically supports the IPO’s survey and encourages all businesses to participate. It is widely recognized that intellectual property represents a significant part of the value of practically all businesses, so it’s important that business owners are able to identify and protect their intellectual assets, particularly when seeking funding for growth.
“The survey will help the IPO to better understand business’ awareness and use of intellectual property rights, which should help to focus the advice and support from the IPO. This is a great step in providing even better support to business.”
The survey closes on 2 February 2024. Responses will be analyzed and a summary of themes will be published later in 2024 on GOV.UK.
To take part, click here.
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