A brand-new commercial scheme will help businesses manage and monetise their intellectual property, it has been revealed.
The report comes after the Government unveiled plans to place intellectual property at the heart of economic recovery.
According to the Intellectual Property Office (IPO), the new Innovation Strategy will introduce measures that give businesses, creators, and investors “confidence” in the IP system.
This includes the launch of a new “IP Access” Fund – providing entrepreneurs and inventors with the resources they need to “grow and to build back better from the Covid pandemic”.
Through the programme, businesses will be supported in managing and commercialising their intellectual property so that they can use the “value of within their IP assets to grow their business”.
The Innovation Strategy also includes provisions for:
- A new advice hub for businesses and organisations to make the most of their intellectual property in overseas markets. The Government says the service will consist of “easy to access, ‘self-serve’, online materials” and “clearer routes to access the UK’s network of IP experts based in key export markets around the world”
- A new education programme designed to reach more higher education-based researchers, giving them the resources and information required to “better understand and manage the IP they create and generate the maximum benefit from their research”
- A consultation on new protections to strengthen the UK’s intellectual property regime. This will include new rights for creations made by artificial intelligence.
- A review of the current framework for Standard Essential Patents (SEPs).
Commenting on the proposals, the IPO’s Chief Executive Tim Moss said: “The UK’s new Innovation Strategy is the starting point for the government’s long-term vision of how we will cement our role as global leaders in innovation and deliver the target of R&D investment at 2.4 per cent of GDP – and it has IP running through the heart of it.
“The strategy recognises that a strong IP system, that protects and allows for a return on investment on ideas, creates the confidence on which this success is built.”
Click here to access the UK Innovation Strategy document.
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