The Government has recently announced that intellectual property (IP) Reforms could boost the UK economy by nearly £8 billion. Business secretary Vince Cable said ministers have accepted the recommendations made in an independent review carried out by Professor Ian Hargreaves.
The recommendations include the creation of digital copyright exchange which Hargreaves implied could generate £2 billion a year for the UK economy by 2020.
Cable believes that a more open intellectual property system will permit businesses to develop new products and services that will be able to compete fairly in the UK’s prospering markets for consumer equipment.
Ignite IP is a new service which helps organisations exploit new commercial opportunities by making maximum use of their intellectual assets and complements the programme of business support available from Business West.
Key members of the Ignite IP team Dave Morgan and Shona Cahill have together helped over 300 companies manage their intellectual property portfolios. They currently deliver many of the recommendations highlighted in the Hargreaves Report by providing an integrated source of advice, combining commercial and technical insight with legal expertise enabling small to medium sized enterprises (SMEs) to commercialise as well as protect their IP.
Intellectual Property Rights (IPR) play an important role in a company’s business strategy. Those companies that protect and understand how to utilise their IPR gain a significant competitive advantage which is vital in the current economic climate.
Dave Morgan, Ignite IP, says: “In order to gain maximum commercial benefit from your IPR you must protect it. IPR generally relates to trade marks, designs, copyright and patents but can also include ‘intellectual assets’ such as specialist knowledge, company manuals and technical expertise. We will help companies manage all aspects of their IP and provide a number of services: Diagnostics, audits, workshops, definition of IP strategies which assist a company to achieve its maximum performance. We can also help organisations prepare for trading overseas by ensuring they are using their intellectual assets effectively and have taken steps to ensure they have sufficient protection in place, for product and brand in foreign markets before they venture into international fields.”
Ignite IP will work with companies to identify their potential IPR, produce a report with action points and where professional services are required offer a fixed fee solution whilst managing the relationship.