Importance of IP recognised by government and professionals

A new online student learning tool launched by the UK Intellectual Property Office (UKIPO) has been welcomed by trade mark lawyers in the hope it will equip the next generation of professionals with the skills they will need for a career in IP.

IP Tutor has been designed as an interactive learning tool to improve IP knowledge among university students.

Trade mark and chartered patent attorneys provided voluntary assistance to the UKIPO to help ensure the online tool not only provides students with legal and formal information on how to protect their ideas, but also with crucial commercial advice.

IP has been described as an important asset to the nation. £63.5bn, over 4 per cent of GDP, is invested in intellectual property rights each year.

Chris McLeod, president of the Institute of Trade Mark Attorneys (ITMA), commented that ideas are now the UK's leading export and it is therefore vital that students are familiar with the importance of IP and how best to protect it.

'Many of the students who will use IP Tutor will work for companies yet to be imagined, perhaps in industries yet to be invented,' he continued. 'But if they appreciate from the earliest stage how to create the maximum benefit from their efforts by identifying and then protecting their business ideas, that will only help boost the UK economy in the future.'

ITMA has seen an upward trend in recent years with more students considering a career as a patent attorney rather than the more traditional legal professions.

In 2011, 34 student members were elected to ITMA. This number increased to 41 in 2012, and then 59 in 2013. SJ understands that the 2014 statistics will be published in the organisation's upcoming annual report.

McLeod said he was proud of the role members of ITMA had played in helping to build IP Tutor, which he described as an investment in the future health of the UK trade mark profession.

'From our perspective ensuring that investments in trade marks and designs continue to be made is very important,' added McLeod. 'Our members regularly find themselves advising companies on some of the most critical elements of their success in the modern business environment.'

'"Brand Britain" is more than a slogan - it is our economic legacy - and this is a step forward in equipping the next generation to expand on that achievement.'

In addition, speaking at the International Patent Forum on managing intellectual property this week, the government's minister for intellectual property, Baroness Neville-Rolfe, announced the launch of an IP finance toolkit.

'This will help businesses to present the security and financial worth of their IP when seeking finance and help banks recognise the value of IP in a business,' she said. 'It will assist businesses which are rich in intangibles, but lack traditional assets, to make a stronger case when they need to access the finance they need to grow.'

John van der Luit-Drummond is legal reporter for Solicitors Journal