26 April 2007, 17:52 PM
  • Small businesses risk missing out on valuable new sources of income because they do not know enough about intellectual property (IP) rights, a survey by the UK Intellectual Property Office reveals.

This fist ever survey on IP awareness in the UK coincides with World IP Day and shows that lack of knowledge means small firms do not protect their novel ideas.

“Imagine working tirelessly to develop a new product or idea and then being ripped off because you weren’t correctly protected in terms of IP rights. Our small businesses are the backbone of the nation and we’re keen to make sure they are protected,” says Science and Innovation Minister, Malcolm Wicks.

Mr Wicks also talks about the gap between big businesses, which are very knowledgeable about IP and smaller ones, which are missing out.

As part of World IP Day, the UK Intellectual Property Office has also published two new information booklets and a e-newsletter specifically for smaller firms and individuals to help protect their ideas.

The new IP Health Checks pilot scheme will help up to 50 small firms identify their IP and access advice to protect and maximise its value.

Mr Wicks adds, “We are also reaching out to the next generation of young inventors and entrepreneurs, and developing Cracking Ideas, a nationwide school competition for nine to 11 year olds.”