Cable welcomes report on financing IP

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Cable welcomes report on financing IP

UK Business Secretary Vince Cable said he will “consider every possible avenue to better support” the country’s creators and IP-rich businesses, as he welcomed plans to help IP-rich businesses to get funding

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The independent Banking on IP report was commissioned by the IP Office and will be published soon. The executive summary published this week recommends steps including:

  • creating a toolkit to help SMEs, lenders and other financiers identify, understand and make more effective use of their IP;

  • creating a toolkit to help SMEs, lenders and other financiers identify, understand and make more effective use of their IP;

  • making it easier for businesses to show what IP they have when looking for funding;

  • developing templates and providing advice which help banks and others understand the cash flow and business value of IP; and

  • supporting the development of more accessible and effective IP marketplaces.

It says weaknesses in the existing system include:

  • IP rights are often undervalued as businesses fail to realise the potential of their innovative ideas;

  • IP assets are often confused and not identified properly by businesses and banks; and

  • there are too few effective places where businesses can identify, licence and trade in copyright, designs, trademarks and patents.

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