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SMEs 'are failing to protect their intellectual property'

Published On 26 April 2007 at 16:51:02

Small and medium-sized enterprises (SMEs) could be missing out on income from new technology and ideas because they are not good at protecting their intellectual property (IP).

The UK's Intellectual Property Office (IPO) found that just 11.2 per cent of very small companies understood IP rules. Overall, 50 per cent of businesses comprehended IP regulations adequately.

Science and Innovation minister Malcolm Wicks said that it was vital that the UK's SMEs got better at protecting their 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 intellectual property rights," he said.

"Our small businesses are the backbone of our nation and we're keen to make sure they are protected."

To help SMEs better protect their inventions, the IPO is running a pilot scheme to help 50 small firms identify their IP and protect and utilise its full value.

 

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