On World Intellectual Property (IP) Day, small businesses are being warned that they risk losing valuable revenue from their own innovations because they are not aware of their rights.
The UK Intellectual Property Office today unveiled its first ever comprehensive survey of IP awareness in UK business and found that while big businesses are savvy about their IP rights, most small businesses are unaware.
Science and innovation minister Malcolm Wicks said: "Every business uses aspects of intellectual property, the name it trades under, process it uses or the products or services it provides."
The UK Intellectual Property Office argues that protecting innovations in business has never been more important than in the UK's increasingly competitive economic environment, and has consequently published two new information booklets specifically for smaller firms to help protect their ideas.
The government's initiative has been welcomed by the Federation of Small Businesses (FSB).
Mike Cherry, FSB financial affairs chairman, said: "This is a very welcome initiative by the government. Small businesses produce 60 per cent of commercial innovations in the UK and it is vital to the country's economic success that their ideas are supported, not stolen."
