Great news for budding entrepreneurs – now seems to be the time to register that million dollar idea after the Intellectual Property Office (IPO) announced it is to slash the price of registering a trademark.
Trademark applications have fallen 30% from their peak, indicating a drop in business expansion and new product launches during the recession.
Ian Fletcher, chief executive of the IPO, which has funded the new Wallace and Gromit exhibition at the Science Museum in London, said the belly flop from the rocket high results of March 2007 was a ‘leader indicator of the economy’s health’.
To encourage businesses to continue investing in their intellectual property, the IPO is planning to reduce the cost of applying for patents and trademarks, giving entrepreneurs a better chance to get their new ideas up and running.
Minister for higher education and intellectual property David Lammy used the launch of the exhibition last week to emphasise the role of new business ideas in pulling Britain out of the recession.
“The upturn in this country will be about the future economy,” he said – which means the green industries and other creative industries play an important part in the future of our economy. And so, “there’s no doubt intellectual property and invention are centre stage so Britain will be strong in the twenty first century.”
Peter Mandelson has said several times it’s entrepreneurs who are the key to boosting the economy. The economic downfall has meant that there is less competition, more market share and finally more scope for new ideas. So what are you waiting for?