The recent EY report for the Western Gateway partnership "Investment Flows and the Productivity Gap" highlighted that the region suffers from a lack of investment compared to the UK average. The report identifies a number of perception blockers that hinder investment in the area, including noting that "innovation, research, and development capabilities are not always well articulated or packaged to investors", and recommending a clear narrative for investing in innovation.
This message often applies to innovative businesses seeking investment, especially at an early stage. It is common for such businesses to emphasise their IP position and associated IPRs as a way of encouraging investment.
Given the size of the region, and the number of innovative companies and universities active there, innovation is clearly taking place. Publications from the Western Gateway partnership often mention innovation in the region, but rarely mention intellectual property. Common indicators of innovation and intellectual property, such as patent filings, may not be associated with the region. There can be good reasons for this. Companies in the region may have their headquarters elsewhere in the UK or in other countries meaning that registrations of IPRs based on innovation from the region may show an address there, rather than in the region of origin.
There is an opportunity for regional organisations such as the Western Gateway partnership to engage with businesses in the region to identify the IP relating to innovation from that region. This will not only provide the region with the data to support its narrative as a place where innovation takes place, but also provide a stimulus for businesses to look to their intellectual property and potentially attract investment of their own.
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