CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Small businesses battle to protect their ideas says FSB
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Small businesses battle to protect their ideas says FSB PDF Print E-mail
Wednesday, 03 June 2015

New research from the Federation of Small Businesses (FSB) suggests small firms are struggling to protect the identity and ideas at the heart of their businesses. Time and money spent on protecting intellectual property such as patents, branding and product designs takes valuable resources away from business development, potentially putting growth and innovation at risk.

Protecting intellectual property is critical for the UK’s increasingly knowledge-based economy. Yet a quarter of the businesses surveyed by the FSB with intellectual property rights (25%) suffered some sort of violation or wrongdoing within the last five years.

With almost one in three small businesses (30%) who own some form of intellectual property rights reliant on it for 75 to 100 per cent of their revenue, infringements of these rights can be incredibly damaging to small businesses.

There are a number of tools and services in place that have been developed by the Intellectual Property Office to help secure and protect intellectual property rights, helped by recent reforms, but this research shows that small firms continue to find it difficult to use them. The FSB is calling for ongoing efforts to improve signposting and simplification to encourage take-up of the available support.

John Allan, National Chairman of the FSB, said:

“Proper protection of intellectual property is a mainstream issue which deserves a mainstream focus. The knowledge economy, which runs on innovative ideas and brands, is becoming ever more critical to our economic success. Left unchecked, theft and infringement of ideas, patents and brand costs small businesses and diminishes their appetite to invest in their business, ultimately hampering the UK’s long-term economic growth.”

One in three (32%) firms with intellectual property rights said they had spent money on securing rights within the last five years, with one in five (22%) of those investing more than £5,000.

Even with this security, intellectual property is still regularly stolen. The most common forms of theft are through the copying of a product (50%), use of copyrighted work on a website (34%), use of copyrighted work in a service or product for sale (33%) and use of trademark (31%).

The Intellectual Property Enterprise Court’s small claims track, the Intellectual Property Office’s mediation service and the intellectual property finance toolkit are positive reforms the Government has made to help businesses. However FSB research indicates that around a third of small firms (29%) who had their intellectual property stolen took no action against perpetrators. Two fifths (43%) of those questioned said they used direct contact with the infringer to address the issue.

Some reasons small businesses gave for not taking action against infringement included the costs involved, a general lack of resources and a lack of awareness of appropriate routes.

John Allan concluded:

“Although many FSB members gain major benefits when they do invest in protecting their intellectual property, as many as a fifth (20%) say their investment was not good value for money.

“Return on investment is key, particularly to the one in three small businesses (34%) which say they have secured, or plan to secure, intellectual property rights to allow them to export.

“Intellectual property is a fundamental building block if the UK is to become the best country in the world for innovation and creative services. Small businesses must be better supported in harnessing intellectual property in the UK and overseas.

“When infringement does occur, redress should be simple, swift and easy to obtain.”

(Source - FSB Press Release)  

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197