The government outlines the importance of innovation and IP knowledge, during challenging times to invigorate and sustain economic security and continued growth.
Introducing the report, Tim Moss, CBE, CEO of the Intellectual Property Office said, “I am delighted to announce that we have published our 2019-2020 Innovation and Growth report. This report outlines our work to support innovation and growth and make the UK one of the most innovative and creative countries in the world. This is at the heart of our strategy and our goals to Deliver Excellent IP Services and Create a World-leading IP Environment. I must admit it has been a challenging year. The world has faced its biggest challenge yet with the outbreak of the Covid-19 pandemic causing a significant impact to the global economy. One thing that is clear – innovation is needed now more than ever. It increases productivity, grows markets and creates jobs”.
Read the Innovation and Growth report to find out how the IPO has supported innovation and growth in 2019-2020.
Evidence shows that UK firms that innovate, grow at around twice the rate of those that do not. That is why making the UK the very best place in the world to be an innovator is central to the Government’s vision for recovering swiftly from the Covid-19 pandemic and developing a more prosperous Britain; one that is greener, safer and healthier than before.
The Rt. Hon. Amanda Solloway, Minister of Intellectual Property said, “Research and innovation will be key in releasing the UK’s true potential. Working with the IPO, I will ensure the UK continues to deliver a world class rights granting service, an effective enforcement mechanism, and a strong IP environment to underpin the UK’s Research and Development Roadmap as we face these challenges head on.” Read her foreword here.
Intellectual Property is crucial to incentivising innovation. Innovation involves: taking a risk, investing money in new research & development, investing time in writing a book or a song, or using savings to launch a new brand. IP can reduce the risk by allowing innovators to protect their creations through the interconnected system of rights: trademarks, patents, copyright or designs. It gives them confidence to invest knowing that they will reap the benefits of their investments.
Dids Macdonald, OBE., ACID’s CEO responding to the report said, “ACID welcomes this report and agrees that paramount, as a result of C19, innovation is needed now more than ever. Hand in hand with encouraging and promoting innovation to achieve growth must be the creation of a stronger enforcement regime, especially for the backbone of our economy, the UK’s creative industries, the majority of who are lone-micro and SME. It is still virtually impossible for SME innovators to take cost and time effective legal action when they are copied. This has to change, and I hold the Government and IPO accountable for ensuring this will happen and look forward to working with them on this positively in the coming months with the creation of an effective enforcement strategy”.