Carmen Aquerreta, who leads Deloitte’s Research & Development practice said: “Vince Cable’s announcement on the new approach and extra resources of the UK Intellectual Property Office will help companies maximise the value of the intellectual property (IP) within their business.
Boards in fast growing technology companies must identify, protect & make money from their IP
Intangible assets, including all forms of IP, such as patents, are now driving more value than tangible assets, such as factories or equipment. The promise of a superfast patent processing service to deliver patents in just 90 days is likely to help protect UK companies’ interests in international markets.
“The Government’s objective of making the UK the best jurisdiction for innovation activities has already established a favourable tax framework (patent box and improved R&D credits) for the creation and exploitation of IP.
“The announcement will further support business as a whole, now it is the turn of individual companies. Most companies do not have a structured approach to considering what IP they have and what business models would optimise the return on that IP. Companies need to take advantage of these tax breaks and regulatory support. IP has traditionally not had a clear owner within a company, being shared between strategy, technology, finance, and legal. Boards in fast growing technology companies must identify, protect and make money from their intellectual property.”
The Deloitte Cambridge office comprises 8 Partners and over 250 staff who deliver a full range of professional services to the East Anglian region. As well as focussing on the life sciences and technology sectors for which the region has become so renowned, the office has long standing specialisms in other sectors including the professions, consumer business, food and agribusiness.