As scientists rally against the planned cuts to research budgets, South Coast businesses still feel the UK is a good place for innovation

Over 60 business leaders from across the region enjoyed an inspiring seminar at The Rose Bowl, organised by BDO LLP’s Southampton office, Paris Smith LLP and Barker Brettell LLP to discuss the future of innovation and Intellectual Property (IP) in the UK.

Rupert Merson from London Business School set the scene and posed some interesting questions to the audience, one being: “Are you optimistic about the UK being a good place for entrepreneurs?” The audience response was very encouraging with 77% agreeing that the UK is a great place for entrepreneurs to do business, although the same number felt that a more user-friendly patent system was crucial to encouraging more innovation. Stuart Lisle, (pictured) Tax Partner from accountants and advisors BDO LLP commented: “IP is increasingly a key asset to business; it is hugely important to protect and exploit its innovation as effectively and efficiently as possible.” He added: “Gaining a clear idea of your IP rights, how to protect them and how to use these assets to gain market advantage is critical, especially for technology-based businesses.” Kim Walker, Partner at Paris Smith LLP speaking at last week’s event was confident that: “Software development will continue to be critical to innovation in the UK. The trends towards collaborative 'open' software development and cloud computing indicate suppliers and customers, are well placed to take a fresh look at the way in which software rights and the business systems they underpin are protected and managed.” Local entrepreneur, innovator and investor in a specialist nanotechnology business Haydale Ltd, Ray Gibbs said: “From my own point of view, patenting and protecting the IP can be a costly process, but limited funding has not stopped us. R&D must be planned and funded further ahead and often takes longer and costs more than initially thought. R&D tax credits are a useful cash boost but it’s often 18 months after the initial spend before it’s in the bank. If only this cash benefit was able to be brought forward, it would help businesses enormously with cash flow planning and could speed up the development and commercial implementation of technological innovations.” The speakers also pointed out that R&D tax credits will be changing as today’s current system is very complicated – it will be focused on smaller companies with up to 500 employees and the scheme will disappear entirely for larger firms by the end of 2011. -Ends- Words: 398

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