Encouraging innovation through intellectual property rights

In a rapidly changing competitive environment knowledge has become the basis for organisations to develop advantages. When individuals create new products or processes they need protection from competitors so that they gain the most benefits from their ideas. The UK Patent Office provides enterprising people with reassurance and support for their ideas and inventions. This framework of protection has been in place since 1852. The word ‘patent’ comes from the practice of monarchs in the Middle Ages giving rights and privileges by means of ‘open…