The Welsh Government has signed an agreement with the
Intellectual Property Office (IPO) to support businesses and help
drive greater investment in creativity and innovation.
The Memorandum of Understanding (MOU) recognises the important
role that effective intellectual asset and intellectual property
(IP) management has in stimulating economic growth.
It sets the foundations for the two organisations to work closer
together to provide targeted IP support and guidance for
innovative Welsh businesses. This will deliver social and
economic benefits for people across Wales.
This agreement forms part of the Welsh Government's vision to
create and nurture a vibrant innovation culture for a stronger,
fairer, greener Wales as set out in the Wales Innovates
strategy.
Powys business, Stashed Products – which ships smart bike storage
solutions to more than 45 countries – is one company that has
received Welsh Government support to help strengthen its IP
protection and capitalise on new commercial opportunities.
The company received SMART Flexible Innovation Support (SFIS)
funding from Welsh Government, and an IP Audit through the IPO
via the Welsh Government Innovation team.
Elliot Tanner, Managing Director and Founder of Stashed Products
– which also recently won a King's Award for Enterprise in
Innovation following Business Wales support – said:
“Support like SFIS allows you to take risks. As a small business,
that's a big deal. It meant we could hire, develop and refine -
getting new products market-ready and protected.
“The audit gave us a clear action plan. It showed us where we
were exposed and helped us think more strategically about how to
use our IP - beyond just selling products.”
Cabinet Secretary for Economy, Energy and Planning, said:
“This MOU builds on the close relationship between Welsh
Government and IPO and signals the start of a long-term
collaborative partnership in order to deliver greater innovation
impact.
“Understanding Intellectual Property and using that knowledge to
make more informed decisions can be crucial for SMEs, start-ups
and scale-ups.
“We want the creators, innovators and entrepreneurs of today and
tomorrow to understand how they can better use IP to drive the
business growth that will help deliver a prosperous future for
Wales.”
The IPO's Enforcement, Business and International Director
Natasha Chick said:
"Understanding intellectual property and using that knowledge to
make informed decisions is vitally important for all businesses -
especially SMEs, start-ups and scale-ups.
“We are committed to working more closely with the Welsh
Government to support innovative businesses in Wales to better
recognise and manage their intellectual property. This will help
them unlock their full potential and gives these businesses
crucial tools to grow and succeed - which benefits us all."
