Intellectual property (IP) rights are intangible assets which
protect ideas and brand value. IP rights are dealt with like other
forms of property, and can be licenced, sold or mortgaged against.
There are several different types of IP, including trade marks,
copyright and registered designs, but this article focuses on
patents, which are used to protect new products and processes.
According to figures published by the UK Intellectual Property
Office, the UK was the 6th largest jurisdiction in the
world in terms of the number of patents in force in 2014. However,
only 7% of these patents were filed by UK-based applicants. The UK
therefore lags far behind other countries, like Germany, the US and
South Korea, which have a much higher proportion of domestic
applicants.
