The UK Government is dedicated to supporting initiatives that boost the creation and development of Small and Medium-sized Enterprises (SMEs), which are often the most efficient job creators. The British Library Business & Intellectual Property Centre (BIPC) has launched such an initiative to help UK SMEs start and grow their business. This includes protecting their intellectual property (IP) to maintain their competitive edge.
- 14 May 2018
Innovating for Growth is a unique initiative in the UK. By providing expert support on successful approaches to IP commercialisation, the project facilitates market access and the uptake of innovations by SMEs. It helps them develop new products, processes and services – and enter new markets.
According to a 2015 study conducted by the British Intellectual Property Office, SMEs that own IP rights have close to 32 % higher revenue per employee than those that do not own the rights. However, getting these ownership rights requires time and money – two things many SMEs lack. As a result, SMEs are looking for a cost-efficient alternative to expensive legal advisors who can handle their applications, licensing, disputes or enforcements.
The EU-funded Innovating for Growth project supports these businesses by providing access to the largest collection of business and IP information in the UK. The SMEs involved participate in workshops, receive one-to-one expert advice and attend dedicated networking events.
Start me up
The project is divided into a Start-up and Scale-up programme. The Start-up programme targets individuals with ambitions to start up a business, whereas the Scale-up option is geared towards those who already have established businesses and are looking to grow through developing new products, processes and services.
The Start-up programme’s support consists of a two-day workshop, informing entrepreneurs of the essentials and practicalities of starting up a business and hosting several ‘Start-up Stars’ networking events. These events aim to bring early-stage entrepreneurs and more established businesses together and enable the exchange of expertise. To date, 107 start-ups have completed the programme and 825 potential entrepreneurs have joined and attended at least one workshop.
Scaling up to the next level
Aimed at SMEs that are considered ready to grow, the Scale-up programme assists business owners with developing new products, services and business processes, from the initial idea to a commercially viable solution. The three-month programme consists of six modules given by industry experts on business strategy and research, intellectual property, branding and marketing, and product innovation. Since May 2016, 136 businesses have gone through the programme.
By joining the Scale-up programme, entrepreneurs also automatically join the Growth Club network, which brings them together once every quarter for peer-to-peer networking events. There, expert speakers are invited to discuss such business topics as exporting, public relations, recruitment and procurement.
Boosting minorities
While the project is available to all types of SMEs, it has a particular focus on those that come from a disadvantageous background or are an underrepresented minority. Of all the participants to date, 44 % have been women and 51 % come from African and Asian minorities.
Both the Start-up and Scale-up programmes take place in the BIPC. The centre houses an estimated GBP 5 million worth of information, ranging from market research reports, directories, trade journals, and patent/trade mark and registered design specifications. The BIPC is based in London but has a national network with 10 other centres across England. By participating in the project’s programmes, companies are given access to all of this information.
Total investment and EU funding
Total investment for the project “Innovating for Growth – Phase 2 ‘Start-Ups and Scale-Ups’” is EUR 3 124 820 (£2,664,840.00), with the EU’s European Regional Development Fund contributing EUR 1 562 410 (£1,332,420.00 ) through the “ERDF 03 - Enhancing the competitiveness of small and medium enterprises” Operational Programme for the 2014-2020 programming period.