Small and medium sized businesses will benefit from an independent review of Britain’s intellectual property (IP) system, according to a new government report.
The six month review into how the UK’s IP system can better drive growth and innovation was launched by the government yesterday, following prime minister David Cameron’s speech to high-tech businesses and entrepreneurs in east London.
In line with the government’s plans to transform east London into a technology hub to rival the US’ Silicon Valley, Cameron also revealed that the government had published a technology blueprint, which details how they plan to support high-tech innovation, and review the IP system.
Cameron said: “I can announce today that we are reviewing our IP laws, to see if we can make them fit for the internet age.”
According to the blueprint, the review will aim to identify barriers to growth within the IP framework, which consists of rules and regulations covering how IP is created, used and protected in the UK.
IP minister, Baroness Wilcox said: “The internet has fundamentally changed the business landscape. Some sectors, such as the creative industries, have been transformed by the internet. The intellectual property framework must keep pace.
“The future of the economy lies in the highly skilled technology sectors. For many of those companies their intellectual property is their most valuable asset. “
From a legal perspective, changes to IP copyright laws should reduce the cost and complexity to small and medium sized businesses and result in less disputes.
Baroness Wilcox added: “This project aims to reduce the number of patents being granted for ideas and inventions that are not new or inventive. It will result in fewer disputes and legal challenges providing more certainty for businesses.”
The review will make recommendations on the changes the UK can make, as well as the long-term goals to be pursued through the international IP framework. A full report is expected to be issued in April 2011.
© Crimson Business Ltd. 2010