BUSINESS
FPB CALLS FOR BETTER PATENT RIGHTS’ PROTECTION
Te Forum of Private Business is calling for small firms’ patent rights to be bet- ter protected amid concerns that many cannot afford to sue companies which steal their ideas. In its submission to the Hargreaves Re- view of intellectual property (IP) the Fo- rum is urging the Government to provide greater protection for small business in- novations, after complaints that breaches are going unpunished because of the steep costs involved in pursuing them in court. Further, the not-for-profit Forum be-
lieves that the high cost of both employ- ment and manufacturing in the UK often
leads to innovations being produced un- der license outside the EU – with signifi- cant transfer of knowledge abroad but no control over how it is used. In addition to steep litigation fees, the
Forum is concerned that patent costs, the slow process involved in protecting intel- lectual property, HM Revenue & Custom’s lack of clarity over the use of Research and Development Tax Relief and a lack of sup- port within the UK’s public procurement process are combining to hinder innova- tion-led growth. Some business owners even fear they
are struggling to get overseas patents be- cause foreign governments – particularly
in the USA – are more inclined to protect indigenous innovations. According to the Forum’s latest quar-
terly Referendum survey, 4% of respond- ents said their growth was being hindered by foreign government support for their overseas competitors and 7% reported that this form of protectionism made ex- isting cash flow problems worse. “Entrepreneurs are the UK’s real in-
novators and this innovation is one of the key elements that we need to nurture to drive economic recovery and growth,” said Alex Jackman, senior policy adviser at the Forum.
www.fpb.org | 0845 612 6266
FINDING A NICHE IN THE MARKET
Whether you are looking to launch a new business, or diversify into something different, there is a lot to consider.
Anyone who has watched the televi- sion show Dragons’ Den, for instance, will know that thinking there is a gap in the market that you have the exper- tise to fill, is no substitute for doing your research. Tere is nothing more discouraging than finding out there is poor demand for a product or service that you believed was invaluable. But with some good research, com-
mon sense and time spent identifying your unique selling point (USP) you will be well armed to succeed in a highly competitive marketplace. Your business proposition may be a
new invention, or a new product or ser- vice, or even an original idea or solution to an everyday problem. Or it might be a variation of a product or service that has already proven highly popular.
What’s the USP? For many entrepreneurs, their new
business venture is related to the work they already carry out, or an interest or hobby that they can turn into a business. Te USP (unique selling point) may be their expertise and what they personally bring to the business in terms of relevant experience and expertise. Alternatively, the USP could centre
on the product or service itself, serving the need in a more efficient, innova- tive or attractive way. It could even be the means of delivery, or the price and package surrounding it. Whatever your business is, it is worth
trying to find out whether there is a worthwhile demand for it. Tis research can begin with friends, family and col- leagues by asking them to be honest and critical, as well as encouraging. Also, it’s worth asking whether there is a demand for the product or service you’re offering either locally or nation- ally. It generally takes a lot of work to create an appetite for a product or ser- vice for which there is little demand, so if you’re having to do a lot of convincing, this could be an indication that your product or service will bring in disap- pointing sales. Another good question to ask is whether similar types of business failed. If so, why did they fail? Again, it is worth being dispassionate about your product or service and seeing it clearly from the potential customers’ point of view. Also, what makes you think you can succeed where others haven’t? Tere is gener- ally a good reason why similar types of business failed, although finding out the
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WWW.KEYZINE.CO.UK
cause could help you to hone your busi- ness armed with that knowledge. As you discover whether or not there
is a real need for your business, you need to ensure there will be customers who will pay for it. How big is the market and how will you reach it?
Identify the competition It is critical to identify your main com-
petitors. Many businesses take short cuts in researching the competition, but the chances are they will have asked many of the same questions you are now asking. You can also be sure that they will evaluate your business as soon as you arrive on the scene. By checking your competitors’ prod-
uct or service and their own price points and USP, you may discover how you can differentiate your own offering and boost the demand for your competitive solution.
Useful links:
www.businesslink.gov.uk www.britishchambers.org.uk www.startups.co.uk www.englandsrdas.com www.smallbusinessadvice.org.uk
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