What are you doing to build your knowledge of intellectual property?

In my new role, it is clear that the raft of those in the business support landscape are still not promoting the importance of intellectual property to their clients. There are of course exceptions such as the West of England Growth Hub which has invested time to train staff and this has positively impacted the region.

Accountants

?In a world where any sensible accountancy professional will be looking to add value to their client proposition or make themselves more employable IP could make the difference.

Widely recognised as the most trusted of business intermediaries there is an increased realisation that raising this subject with clients or within an organisation can and will improve internal management and help with risk management.? I have delivered sessions for the ACCA, CIMA, ICAEW and IAI.? This has included keynote speeches, specialist seminars, training workshops and articles published.

Most accountants are happy to help incorporate a business at Companies House but how often are trade marks considered as part of the due diligence?? Having a company name does not give an automatic right to use it in business, who knew?? On the Companies House website, there is content highlighting the need to consider this.

What about tax breaks?

There are of course incentives out there including Patent Box and R&D tax credits.? I have done quite a lot of work in this area with clients.? The starting position is that they do not think R&D tax credits apply to them and their accountant has not said anything.? This position may be true but in several cases, a business has found itself to be eligible for a substantial amount of these useful tax credits.

What about business advisors?

Often, with some exceptions, this is not covered with time and remit being the reasons given.? Having IP buried on a web page is not the answer and even if the business asks what sort of answer will they be given.? Just because a business is a start-up, a micro or a social enterprise the IP can be crucial.? In Newport there is a Bob Marley Vap Shop and not sure if this is trading under license.?

Bank staff

Great to see banks taking a real interest in IP and some are looking at how they can lend against it – well done #NatWest for one.? How well trained for example are bank relationship managers?? As most of their customers will have IP-rich businesses it makes sense to me that a knowledge of IP can add value to conversations and help understand how IP impacts on income streams.

Marketing Companies

These are in the IP business but don’t recognise the fact.? If they have a new client do they ask if due diligence searches have been conducted, do they have the right to use images etc?? Often the answer is yes and I have spoken to a large number of businesses who have not received any nudges.

What’s in a name

I took this photo when I was recently in the Caribbean.? The shop sells training shoes.

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Training, training, training

If we are going to build better businesses in the UK a sound knowledge of IP is a no-brainer.? Currently generally speaking businesses don’t understand this area, and accountants don’t (apart from how it is applied to a balance sheet) and finally, banks are not well-versed in this area.

Sadly I suspect that most of the above intermediaries have received little or no training in this area – this position has and will lead to a raft of stored-up problems for businesses or a business failing to understand how it could generate lucrative streams through proper management of its IP.? I worked with a company that owned one piece of software which within 3 years was generating a global licensing income of over ￡6m.

If anyone wants to discuss how I can help develop an IP training package just drop me a line (sadly I am not holding my breath).

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