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UK SMEs believe it’s vital to commercialize IP

(Image credit: Image Credit: TeroVesalainen / Pixabay)

Small and medium-sized businesses in the UK see the commercialization of intellectual property (IP) as vital for future success. However, according to a new report from GovGrant, the many roadblocks these firms face make this a challenging goal to achieve.

Of the SME decision makers polled for the report, a quarter think there are not enough opportunities to patent, nor enough scope to innovate. A fifth, meanwhile, blame a lack of expertise, and another fifth said it was too expensive.

The report goes on to state that just 15 percent think the Government is creating an economic environment that encourages innovation. Therefore, GovGrant has called on those in charge to make a concerted effort to change this perception, which is standing in the way of R&D activity.

While the majority are quick to blame the government, there is a significant minority (42 percent) that are making the process particularly difficult, by not having a representative at board level responsible for IP commercialization and strategy.

“SMEs citing lack of scope for innovation is proof that subject matter experts are not seeing the wood from the trees when it comes to their R&D activity,” said Luke Hamm, CEO at GovGrant.

“They need help recognizing their own innovation in order to maximize the support available from Government, and these early conversations need to start including Patent Box to make organizations fully aware of the help available to them. If we’re going to put innovation at the heart of the recovery from Covid-19, we need to change the conversation around IP urgently, so the focus is on value creation, not simply protection.” 

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.