Welsh Government Partners with IPO to Boost Business Innovation

The Welsh Government has established a new partnership with the Intellectual Property Office (IPO) aimed at enhancing support for businesses and fostering increased investment in creativity and innovation. This collaboration, formalized through a memorandum of understanding (MOU), underscores the vital role that effective management of intellectual assets and intellectual property (IP) plays in driving economic growth in Wales.

The agreement will allow both organizations to work together more closely, providing targeted IP support to innovative Welsh businesses. This initiative is expected to generate significant social and economic benefits across the region, aligning with the Welsh Government’s broader vision outlined in the Wales Innovates strategy, which seeks to develop a vibrant culture of innovation for a stronger, fairer, and greener Wales.

Among the businesses benefiting from this support is Stashed Products, a Powys-based company that specializes in smart bike storage solutions and exports to over 45 countries. The firm has received funding through the SMART Flexible Innovation Support (SFIS) scheme, which aims to bolster its IP protection and help capitalize on new commercial opportunities. Stashed Products also underwent an IP audit conducted by the IPO, which is headquartered in Newport.

Support Fuels Business Growth

Elliot Tanner, the managing director and founder of Stashed Products, emphasized the importance of the support received. He stated, “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.” Tanner added that the IP audit provided a clear action plan that highlighted vulnerabilities and encouraged a more strategic approach to leveraging their IP beyond mere product sales.

Welcoming the new partnership, Rebecca Evans, the Cabinet Secretary for Economy, Energy and Planning, noted, “This MOU builds on the close relationship between the Welsh Government and the IPO and signals the start of a long-term collaborative partnership to deliver greater innovation impact.” She highlighted the necessity for small and medium enterprises (SMEs), along with start-ups and scale-ups, to understand IP and utilize that knowledge to make informed decisions, which could be crucial for business growth.

Collaboration Aims to Unlock Potential

The IPO’s enforcement, business, and international director, Natasha Chick, echoed these sentiments, stating, “Understanding intellectual property and using that knowledge to make informed decisions is vitally important for all businesses – especially SMEs, start-ups and scale-ups.” She reiterated the commitment to work closely with the Welsh Government to assist innovative businesses in Wales in recognizing and managing their intellectual property effectively.

The partnership is designed to equip these businesses with essential tools needed for growth and success, ultimately benefiting the broader Welsh economy. Through this collaborative effort, both the Welsh Government and the IPO aim to nurture an environment where creativity and innovation can thrive, contributing to a prosperous future for Wales.