Welsh Government signs partnership with IPO to boost innovation and business growth
Welsh Government signs partnership with IPO to boost innovation and business growth
Subscribe to the Businessin Wales daily newsletter for FREE here.
The Welsh Government has signed a Memorandum of Understanding (MOU) with the Intellectual Property Office (IPO) to strengthen support for businesses and drive investment in innovation.
The agreement recognises the role of effective intellectual property (IP) management in economic growth and sets out plans for closer collaboration between the two organisations. The aim is to deliver targeted IP support and guidance to Welsh businesses, as part of the government’s Wales Innovates strategy to build a stronger, fairer and greener economy.
Powys-based Stashed Products, which ships smart bike storage solutions to more than 45 countries, is one company to have benefited from Welsh Government and IPO support. The firm received SMART Flexible Innovation Support (SFIS) funding and an IP Audit, which helped strengthen its protection and commercial opportunities.
Elliot Tanner, Managing Director and Founder of Stashed Products, said: “Support like SFIS allows you to take risks. As a small business, that’s a big deal. It meant we could hire, develop and refine – getting new products market-ready and protected.
“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.”
Economy, Energy and Planning Secretary Rebecca Evans said the deal would provide long-term benefits for Welsh businesses.
“This MOU builds on the close relationship between Welsh Government and IPO and signals the start of a long-term collaborative partnership in order to deliver greater innovation impact.
“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.”
Natasha Chick, the IPO’s Enforcement, Business and International Director, added: “Understanding intellectual property and using that knowledge to make informed decisions is vitally important for all businesses – especially SMEs, start-ups and scale-ups.
“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.”
Want more from Businessin Wales? Why not follow us on our socials
Listen to the Businessin Wales podcast
