Businesses still aren't fully exploiting intellectual property assets and are limiting their prospects in globalised markets.
Lawyers at Hammonds in Birmingham say that a lack of awareness of intellectual property rights and a lack of understanding of the long term benefits of acquiring them are just some of the reasons why people shy away from fully utilising them.
This spring the Government kick started a review of all intellectual property policy, which is set to conclude in the next few months.
The Gowers Review it is an independent body set up by the Treasury to examine the UK's intellectual property framework.
Richard Plaistowe, an intellectual property specialist at Hammonds, said: "It is the first time that this type of review will put all areas of intellectual property policy under the microscope. We are confident that it will make the intellectual property regime more user-friendly for businesses."
The Gowers Review will consider whether the rights available are flexible enough to assist businesses today and will also seek to increase the transparency of the system for acquiring them. It will also aim to promote innovation.
"Intellectual property is a critical component of the UK's present and future success in the global economy" said Mr Plaistowe.
"The country's economic competitiveness is increasingly driven by knowledge-based industries which need to rely on a system that protects investment in new ideas by the award of patents, copyright, trademarks and all sorts of other intellectual property rights.
"This review could drive down the cost of protecting your intellectual property rights and will be especially beneficial for smaller businesses."
