Welsh Government signs deal with IPO to boost innovation

The Welsh Government has signed a new agreement with the UK’s Intellectual Property Office (IPO) aimed at helping businesses protect their ideas and drive investment in innovation.

The Memorandum of Understanding (MOU), announced today, sets out plans for closer collaboration between the two organisations to provide targeted support on intellectual property (IP) to Welsh firms.

Ministers said the move would give businesses – especially start-ups and small firms – the tools they need to protect their assets, attract investment and compete globally.

Economic benefits

Economy and Energy Secretary Rebecca Evans said the deal would strengthen Wales’s innovation economy and deliver “social and economic benefits for people across Wales”.

“This MOU builds on the close relationship between Welsh Government and IPO and signals the start of a long-term collaborative partnership,” she said.

“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 agreement underpins the government’s Wales Innovates strategy, which sets out a vision for creating “a stronger, fairer and greener economy” through investment in research and development.

The IPO, which is based in Newport, said the agreement would help Welsh businesses realise their full potential.

‘Committed’

Natasha Chick, the agency’s Director of Enforcement, Business and International, said: “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.”

One business already reaping the benefits of government-backed IP support is Stashed Products, a Powys firm that designs and exports bike storage solutions to more than 45 countries.

Founder and managing director Elliot Tanner said funding from the government’s SMART Flexible Innovation Support scheme, along with an IP audit through the IPO, had given the company confidence to expand.

“Support like SFIS allows you to take risks. As a small business, that’s a big deal,” he said. “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.”