From that light bulb moment through to go live – understanding how you maximise the value of your innovation is key.
Most businesses start their journey with a single aim – how can I make money from this? All too often we then miss the chance to really understand the value we have created beyond the profit at the end of the year (and the inevitable tax bill!)
There are three key phases to allow companies to commercialise their innovation from day one. Not only as new idea, but more frequently as the constant development that exists in established businesses.
Getting the cash together to invest in day one is always challenging and there are numerous sources of funding available. An area that can be overlooked is government funding through the tax office. The R&D tax relief scheme allows companies to receive a percentage of the R&D spend back as a cash benefit. We see a number of companies that have used the benefit to keep the project alive or fund the next stage of development.
Getting ready to launch is an exciting stage for any business, new or established. But are you ready? The UK claims to be one of the strongest economies when considering IP, yet businesses consider Patents and trademarks as either expensive to get or a protection tool. Government wants to support having IP on our shores and the Patent Box is a great example of a tangible benefit that reduces the tax liability to 10%. Upstream thinking about IP strategy is fundamental – it shouldn’t be an afterthought but a conscious decision. “How do I maximise the commercial opportunity?” rather than the normal question of “how do I protect it?”
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The pay day – when you get to sell the fruits of your labour. Getting ready for sale is not a quick decision or process and thinking about how you have demonstrated clear usage of all the support out there to value your IP will be the difference to a good pay off and a great one.
