Entrepreneurs have been urged to make sure they know their intellectual property (IP) rights, so that they can maximise the benefits of their bright ideas.
The call came from Intellectual Property Minister Lord Younger as figures were released on 23 January showing that the demand to protect ideas, inventions, creative works and brands continues to grow in the UK.
In 2013 UK businesses, entrepreneurs, creators and designers filed 22,489 patent applications. A total of 5,474 designs registered and trade mark applications leapt by 15 per cent to more than 46,708.
Lord Younger said: “It’s encouraging to see so many people thinking outside the box and creating new, innovative products. However, if you’re investing time and money into something worth investing in, then you should make sure you know what your intellectual property rights are.
“The high number of patent applications we are handling is something to be proud of. Not only is this proof that UK businesses increasingly have great ideas they need to protect but also that our creative industries are thriving.”
The Intellectual Property Office (IPO) recommends seeking professional advice when considering applying for a patent to make sure that the idea is worthwhile and that patenting is a viable option.
Protecting intellectual property rights means that businesses can maximise profits through licensing arrangements and ensure others do not unfairly benefit from their bright ideas. For more information, please visit our website or contact BJ Chong.