World Intellectual Property Day 201726 April 2017
Today is World Intellectual Property Day (26th April 2017). We are taking the opportunity to look at why intellectual property (IP) is so vital to businesses and the creative industries and celebrating the role IP plays in encouraging innovation and creativity.
Our President Kate O’Rourke pointed out in an article in Real Business recently that: “Brands can only truly thrive once protected and exploited effectively and it is the role of Chartered Trade Mark Attorneys to advise businesses on how to do this successfully. The growth of the knowledge economy has required careful and robust protection of trade mark and design assets.”
An estimated £133 billion was invested by UK firms in knowledge assets in 2014 - £12 billion more than in tangible assets, with 53% (£70 billion) of knowledge investment in the UK market protected by intellectual property rights. (*IPO Fast Facts 2017)
Many businesses are realising the potential and are protecting their trade marks and designs in the UK and internationally. The World Intellectual Property Office received a record number of trade mark applications in 2016, and the UK Intellectual Property Office saw a record month of trade mark applications filed earlier this year.
Total investment in intangible assets protected by trade marks is estimated at £15.1 billion. And CITMA member Mark Foreman, now of Osborne Clarke, told magazine Corporate Vision: “As their value grows and brands are increasingly seen as prized business assets, so expert guidance becomes even more important. Creating and implementing clearance, protection and enforcement strategies are key skills of a Chartered Trade Mark Attorney.”
According to IPO Fast Facts 2017 trade mark-intensive industries contribute an estimated 38.4% (€762 billion) of UK GDP and 21.5% (6.4 million) of UK employment per year.
Those rights need to be enforced too. Earlier this year the UK was ranked best in the world for IP enforcement and second for its overall IP system.
António Campinos, Executive Director of the EUIPO, said in a press release: “The rapidly changing nature of business in the 21st century means that the EU and global economy relies strongly on intellectual property rights such as trade marks, designs, patents and other rights.”
This week we celebrated 150 days since our launch and the role we and our members plays in innovation, creativity and the economy is more important than ever.