At GovGrant we believe that innovation needs to be the driving force behind the UK’s economic growth. We see the wonderful work that goes on in UK businesses every day and we need to ensure that businesses have support for their future investment in innovation.
The data analysis that we commissioned from CBI Economics comes at a particularly crucial time for UK policymakers, who have pinpointed innovation as one of the key drivers behind the post-COVID economic recovery plans.
After one of the most challenging events our country has ever gone through there is a clear appetite from every corner of the country to build back better and put in place an economic framework that is strong, resilient, and capable of exponential growth.
Despite a supportive policy environment for IP for large and small firms alike, CBI Economics analysis points to areas of development which could help drive further value from R&D and help UK firms turn research into commercial outputs. The new report – Prosperity Pending – notes the UK’s IP system (policy and regulatory environment) is the second strongest in the world, according to the U.S. Chamber’s Global IP Centre – but its patent system is not working to its full potential.
The analysis finds that IP policy needs to be integrated with policy supporting businesses at the earlier stages of the R&D process, with incentives tailored to changing business need as they progress through these stages. The UK could also stand to gain from expanding the current Patent Box to include other forms of IP and provide alternative models of obtaining IP rights for SMEs
The UK is a global leader in academia and innovation policy but is failing to commercialise its IP and risks being left behind in the post-COVID economic recovery
This report from the CBI Economics, commissioned GovGrant, finds that the UK economy is failing to capitalise on its world leading academic prowess and intellect by not maximising its intellectual property into commercial gain.
The findings come at a particularly crucial time for UK policymakers, who have pinpointed innovation as one of the key drivers behind the post-COVID economic recovery plans.