RED tape in business can often leave entrepreneurs feeling blue. That is about to change for those wanting to patent ideas and inventions in double-quick time.
The Government will introduce a fast-track system later this year cutting patent processing from up to four years to a possible 90 days.
This superfast system will allow people who have had inspiration and inventive thoughts to act quickly and decisively to make it work – time and bureaucracy having been a barrier in the past.
While a free patent fast-track service is already in place, there is a catch. Under current rules, to have patents accelerated, entrepreneurs must show they have an urgent need to secure rights quickly, either to see off a copycat idea or perhaps to win investment. The Intellectual Property Office currently changes £280 to process those applications which are said to be complicated and time-consuming.
It pays to have your product protected, as patents are valuable, because they can be sold or licensed to other companies to generate income, and are more attractive to investors. You only have to be a fan of Dragon’s Den to know that.
Meanwhile, talking of the TV programme, former judge James Caan, chairman of the Government-backed Start-Up Loans Company, has overseen an increase in applications for budding entrepreneurs.
It means more than 3,000 business wannabees have been backed with loans of up to £10,000 to launch a company, while they also receive mentoring and training.
More than 40 partners have signed up to the scheme, including the Prince’s Trust, for whom Naked Leader’s Founder David Taylor is an ambassador, which is said to have lent around £1M so far.