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.
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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 sudit through the IPO, which is based in Newport, 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, Rebecca Evans 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.
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“Understanding I\p 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.”