Recession is catalyst for SME inventions
Sep 07 2009
SMEs are creating more inventions
The recession appears to be the mother of innovation, according to intellectual property (IP) law firm Gill Jennings & Every.
The firm has filed nearly twice as many patent applications from private individuals and SMEs in the first six months of 2009 compared to the first six months of 2008.
This is in contrast to an overall drop of five per cent in the number of patent applications for the same period, with the firm reporting a significant reduction in those made by big corporates.
Peter Finnie, partner at Gill Jennings, says: ‘We’ve seen a tremendous increase in business from non-corporates over the past few months. This is counter-intuitive in some ways as the recession has obviously made funding for small businesses harder to come by.
‘Yet, it seems reasonable to presume that much of this is down to budding entrepreneurs and SMEs deciding that while the employment market is so poor, it is time for them to branch out and try to develop their own business.’
Examples of patent enquiries seen by Gill Jennings & Every in recent months include a new cricket bat design, LED eco-lighting systems, ultra-sonic treatment patches, software for monitoring offshore drilling operations and a biodegradable irrigation system.
In a bid to encourage innovation, the government recently launched the iawards to celebrate achievements in British science and technology.
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