Welsh Government Partners with IPO to Boost Business Innovation

The Welsh Government has formalized its commitment to fostering innovation by signing a memorandum of understanding (MOU) with the Intellectual Property Office (IPO). This partnership aims to bolster support for businesses in Wales and stimulate investment in creativity and innovation.

The MOU emphasizes the critical role that effective management of intellectual assets and intellectual property (IP) plays in driving economic growth. By collaborating more closely, the two organizations intend to offer targeted IP support and guidance tailored for innovative Welsh businesses. This initiative is expected to yield significant social and economic benefits for communities across Wales.

Strengthening Innovation in Wales

This agreement aligns with the Welsh Government’s broader vision outlined in the Wales Innovates strategy, which aims to cultivate a vibrant culture of innovation for a stronger, fairer, and greener Wales. One notable beneficiary of this initiative is Stashed Products, a company based in Powys that specializes in smart bike storage solutions and has expanded its market reach to over 45 countries.

Stashed Products has received support from the Welsh Government, including SMART Flexible Innovation Support (SFIS) funding, to enhance its IP protection and capitalize on new commercial opportunities. The company also underwent an IP audit conducted by the IPO, which is located in Newport, through the Welsh Government’s innovation team.

Elliot Tanner, managing director and founder of Stashed Products, highlighted the importance of financial support for small businesses. 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.” He also noted that the audit provided a clear action plan, helping the company to strategically manage its IP beyond merely selling products.

Long-Term Collaboration for Economic Growth

Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, expressed that this MOU signifies the beginning of a long-term collaborative partnership between the Welsh Government and the IPO. She remarked, “Understanding IP and using that knowledge to make more informed decisions can be crucial for SMEs, start-ups, and scale-ups.”

Evans emphasized the goal of empowering creators, innovators, and entrepreneurs to leverage IP effectively, thereby driving business growth and contributing to a prosperous future for Wales.

Natasha Chick, the IPO’s enforcement, business, and international director, reiterated the importance of understanding intellectual property for all businesses, particularly small to medium-sized enterprises. Chick stated, “We are committed to working more closely with the Welsh Government to support innovative businesses in Wales to better recognize and manage their intellectual property. This will help them unlock their full potential and gives these businesses crucial tools to grow and succeed – which benefits us all.”

This partnership between the Welsh Government and the IPO represents a significant step toward strengthening the innovation landscape in Wales, with the potential to enhance the capabilities of local businesses and drive economic growth across the region.