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The Scottish genius of invention helped by new deal

Category: Scotland Finance News — Mark on February 26, 2013

A new EU deal which should help the next generation of Scottish inventors has been signed by the business secretary.

The deal, which was signed in Brussels by Vince Cable, will see new innovations having to be registered only once, at a cost of £600. The process presently has to be repeated in each EU country, costing a total of nearly £20,000. Cable said:

“No business should have to waste time and money registering their ideas across 25 countries. This agreement is just common sense. It will mean inventors spend more time on research and development, coming up with new ideas and less time filling in forms.”

It is hoped the new agreement will see firms and individuals in Scotland step up their new product developments and marketability, and thereby provide more jobs and economic stimulation.

SMEs and start-up firms in particular are likely to feel the benefit. While invoice factoring can help to provide funding for the patenting costs for new businesses, being able to direct that cash elsewhere should prove cost effective.

There could be greater savings if a patent row ends up in court too.

Under the current rules, if a product is being infringed in more than one country, a separate court case has to take place in each state. The new deal will also see this process changed, making just one court appearance necessary, with the ruling applying to all member states of the European Union.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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