0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 1 1 0 0 0 SPECIAL REPOR T 0 0 0 1 1 1 0 0 0 0 1 1 0 0 10 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 10 0 10 0 10 0 10 0 10 10 0 10 0 10 0 1 0 0 1 0 0 1 0 0 0 1 0 1 0 0 1 0 0 0 1 0 1 0 0 1 0 00 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 10 10 0 0 0 0 0 1 0 1 1 0 0 0 0 0 1 0 1 0 0 00 1 1 10 0 1 0 0 0 1 0 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 1 1 10 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 10 0 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 10 0 10 0 10 0 10 0 10 10 0 10 0 10 0 10 0 0 0 10 0 0 1 0 1 0 0 0 1 0 0 1 1 0 0 10 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 1 10 1 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 10 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 INTELLECTUAL PROPERTY 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 Maximising the investment in your IP 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 10 0 1 10 10 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 1 10 10 0 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 0 1 0 0 0 1 0 1 0 0 10 0 0 10 0 0 1 0 1 0 0 0 1 0 0 1 0 1 0innovation 0 10 0 safe 0 1for0innovators0 10 0 Making 1 Jump starting 0 10Help 0 1 0 0 0 0 1 1 Clydesdale and Yorkshire Banks Yorkshire company How R&D can lower your tax bill10 0 0 0 0 0 0 1 1most of your IP 1 0 make the protects thousands 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 10 0 10 0 10 0 2
IP
in association with
INNOVATION SPOKEN HERE Murgitroyd is one of Europe’s largest IP firms, with more than 40 years experience. We’re experts at identifying, managing and creating value from IP. With over 230 people working across our 13 European and two US offices, we’re able to represent you across the globe. Why not contact one of our local experts in Aberdeen, Edinburgh or Glasgow to find out how we can help you.
Come and find out how we can create value for your business.
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WELCOME SPECIAL REPORT: INTELLECTUAL PROPERTY Intellectual property (IP) used to be a very narrow subject – a patent would be filed by a boffin wearing a white coat and working in a laboratory or by a mad inventor shut away in the shed at the bottom of their garden and that would be the end of the story; but not anymore. Now, the possibilities are almost endless. Entrepreneurs can not only protect their IP – whether it’s in the form of copyrights, patents, trade marks, critical databases, software, or simply their brand and reputation – but they can also exploit it to benefit both their own business and the wider economy. By either using their IP themselves or by licensing it for others to use, firms can create greater value in their business. Identifying and managing IP is a really crucial step for companies – if they know the value of their IP then it can become an important bargaining tool when it comes to negotiations with potential investors or buyers. For start-up companies with no machinery or premises to act as collateral, IP can make the difference when it comes to securing funds for growth. In this special report, BQ celebrates the companies throughout the UK that are protecting, managing and exploiting their ideas and innovations with the Clydesdale & Yorkshire Banks’ IP100, the UK’s first IP league table. Since being launched last autumn, businesses that have featured in the league have hit the headlines, with Microsoft buying Swiftkey for a reported US $250m (£170m) and Sphere Fluidics raising US $7m of funding. It’s never been easier to find advice about IP. From the training available in person and online from the UK Intellectual Property Office through to the advice offered by companies like Jumpstart, Metis Partners and Murgitroyd, there’s no excuse for companies not making the most of their IP. The innovative funding available from Clydesdale & Yorkshire Banks, based around the value of IP, can also give companies a much-needed leg-up. Over the following pages, we salute some of the entrepreneurs who are already making the most of their IP – we hope their words will provide inspiration for others to follow in their footsteps. Peter Ranscombe, Editor, BQ Scotland In association with
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READ ONLINE BQ Magazine is available to read online at bqlive.co.uk for when you are on the move
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CONTENTS 06
KNOW YOUR WORTH
08
BUSINESS UPDATE
14
Welcome by David Hayers of Clydesdale and Yorkshire Banks
22
MAKE SAFE A Yorkshire company uses IP to protect thousands of people
Editor e: peter@ranscombe.co.uk @peterranscombe1
HELP F OR INNOVAT ORS How Clydesdale and Yorkshire Banks help you make the most of IP
A GLOBAL MARK
40
JUMP S TAR TING INNOVATION
ROOM501 LTD Bryan Hoare Managing Director e: bryan@bqlive.co.uk @BQBryanH
EDITORIAL
Latest news of what’s happening in the world of IP
26
CONTACT S
SALES David Townsley Account Director e: dave@bqlive.co.uk t: 0191 389 8513 @DaveTownsley99 Anthony Hassan Business Development Manager e: anthony@bqlive.co.uk t: 07834 783 237
Murgitroyd has an IP footprint in two continents
Brian WIlliamson of Jumpstart explains R&D tax credits
DESIGN & PRODUCTION Steve Jessop Production Manager e: steve@bqlive.co.uk Sarah MacNeil Head of Design e: sarah@bqlive.co.uk Jake Charlton Designer e: jake@bqlive.co.uk
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Leanne Elliott Head of Digital e: leanne@bqlive.co.uk Bryce Wilcock Senior Online Business Journalist e: bryce@bqlive.co.uk @BryceWilcock Suzy Jackson Senior Online Business Journalist e: Suzy@bqlive.co.uk @BQSuzy Aimee Robinson Online Business Journalist e: Aimee@bqlive.co.uk @BQAimeeR
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KG Photography e: info@kgphotography.co.uk room501 Publishing Ltd, Spectrum 6, Spectrum Business Park, Seaham, SR7 7TT. www.bqlive.co.uk. Business Quarter (BQ) is a leading national business brand recognised for celebrating and inspiring entrepreneurship. The multi-platform brand currently reaches entrepreneurs and senior business executives across the North East and Cumbria, Scotland, Yorkshire and the West Midlands. BQ has established a UK wide regional approach to business engagement reaching a highly targeted audience of entrepreneurs and senior executives in high growth businesses both in-print, online and through branded events. All contents copyright © 2016 room501 Ltd. All rights reserved. While every effort is made to ensure accuracy, no responsibility can be accepted for inaccuracies, howsoever caused. No liability can be accepted for illustrations, photographs, artwork or advertising materials while in transmission or with the publisher or their agents. All content marked ‘Profile’ and ‘Special Feature’ is paid for advertising. All information is correct at time of going to print, March 2016.
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06
WELCOME bqlive.co.uk
Know your worth David Hayers urges businesses to use the help available to value their intangible assets Clydesdale and Yorkshire Banks are proud
league table is an illustration of the focus we are
to sponsor this new league table. It will give
bringing to the SME sector.
much needed recognition to a wide range
Our own research suggests the majority of SMEs
of companies that have already started to
in the UK are underestimating their true worth
commercialise their intellectual property (IP).
by not taking into account the value of assets
IP-rich businesses are key growth drivers of
such as trademarks, patents and other IP. We
the UK economy and yet have often found it
believe only one in four SMEs has ever taken
challenging to secure debt finance to accelerate
steps to value its non-physical assets.
their growth plans. This partnership reinforces
As a result, those businesses may not be
the banks’ commitment to this critical sector
making the most of growth opportunities as
of the economy and is just one example of
around half of those questioned said they
the innovative approach that we are taking to
didn’t think their bank, shareholders or other
funding small and medium-sized enterprises
lenders had an accurate understanding of their
(SMEs) in the UK.
businesses’ intangible assets.
Our Growth Finance Unit has been in place
Whether they are a manufacturer in the
for some years and we recently created an
automotive supply chain, or an IT software
Emerging Technology Unit, both of which are
developer, it’s vital that companies have an
designed to support high-growth businesses
accurate understanding of the value of their
in the sector.
intangible assets and the difference this can
The creation of this team is part of our
make to their business. Having this knowledge
partnership with the British Business Bank under
could significantly enhance the possibilities of
its Enable Guarantee programme, announced
accessing finance for growth, whether
last year. Up to £125m of new lending by
profitable or not. n
Clydesdale and Yorkshire Banks will help more small businesses achieve their growth ambitions. The nature of British business has shifted considerably in the past few decades from one of manufacturing, industry and production to one of knowledge, service and innovation. Traditional manufacturers still play an important part in our economy, but the emergence of technological innovation is something we have the expertise and desire to support. As well as being sponsors of the table, we
David Hayers is head of growth finance
believe the opportunity to work with the high-
at Clydesdale and Yorkshire Banks.
growth IP-rich companies featured in the IP100
“Whether they are a manufacturer in the automotive supply chain, or an IT software developer, it’s vital that companies have an accurate understanding of the value of their intangible assets and the difference this can make to their business”
Your business is unique. How it grows should be too. We know that every business has different ambitions, which is why we have flexible solutions and plenty of know-how to shape the perfect plan for you.
Get in touch with: David Hayers Head of Growth Finance 07734 111 346
Steven Clark Senior Director, Growth Finance 07834 610 037
cbonline.co.uk/growthfinance
Nick Edgar Senior Director, Growth Finance 07539 750 636
Qualifying criteria applies
BUSINESS UPDATE UK IPO overseas attachés save £140m
director at the CBI, added: “Building
Overseas attachés from the UK’s Intellectual
intellectual property systems is crucial to
Property Office (IPO) have helped to protect
inspiring business confidence in international
£440m worth of IP across the globe,
markets. The IP attachés play a key role in
according to new figures. The IPO’s attachés
providing on-the-ground support to companies
– based in Brazil, China, India and South East
looking to grow through exporting.”
understanding and awareness of foreign
Yosemite National Park
“The attachés are having a significant influence on British trade, and protecting IP rights worth millions of pounds to the UK economy”
Asia – have advised more than 14,000 UK businesses operating overseas. The attachés are also helping to promote respect for IP in
‘Yosemite’ IP court wrangle
both emerging and established economies,
The United States National Park Service is locked in a dispute with Delaware North over who
encouraging cooperation and mutual respect
owns the rights to use the ‘Yosemite National Park’ trade mark. Delaware North, which ran
for IP rights. Baroness Neville-Rolfe, minister
concessions such as hotels in the park for two decades on behalf of the park service, registered
for IP, said: “Our IP attachés represent great
a number of trade marks connected with Yosemite. The park service has temporarily changed
value for money. They support British businesses
the names of a number of locations in the park while the dispute is sorted out. The ‘Ahwahnee
operating overseas and have a major impact on
Hotel’ has been renamed the ‘Majestic Yosemite Hotel’, while the ‘Curry Village’ camp site
the improvement of the global IP system.
has become ‘Half Dome Village’, ‘Yosemite Lodge at the Falls’ has turned into ‘Yosemite Valley
“The UK is setting an example to the rest of
Lodge’, ‘Badger Pass Ski Area’ has become ‘Yosemite Ski and Snowboard Area’, and the
the world and helping to build universal respect
‘Wawona Hotel’ has become ‘Big Trees Lodge’. The park service has stopped selling T-shirts
for IP rights.
marked ‘Yosemite National Park’ and has replaced them with souvenirs simply saying ‘Yosemite’.
“The attachés are having a significant influence
Meanwhile, Delaware North has created a website and written an ‘open letter to the American
on British trade, and protecting IP rights worth
people’ to put across its side of the story. The company said registering the trade marks was
millions of pounds to the UK economy.”
part of its original agreement with the park service.
Tom Thackray, acting competitive markets
BUSINESS UPDATE bqlive.co.uk/breakfast
Reputation worth quarter of company value More than a quarter of the value of small and mid-cap quoted companies is based on their reputation, according to a survey by accountancy firm BDO and the Quoted Companies’ Alliance. The research found 28% of a company’s value could be attributed to its reputation.
09
QUOTE OF THE QUARTER “We need to dream big and make bold suggestions to bring international intellectual property rights in line with human rights. Every contribution can affect the lives of millions in the future” Michael Kirby, former Justice of the High Court of Australia
With the average value of a company quoted on the Alternative Investment Market standing at around £66m, damage to its reputation could wipe £19m off the market value of a firm. The findings echo those
WEBSITE OF THE QUARTER
for larger companies from
www.bl.uk/business-and-ip-centre Find out what help and advice Dividend Report, which is available from the British found 30% of the market Library’s Business & value of the FTSE 100 could IP Centre be attributed to the reputation the 2015 UK Reputation
of its constituents. Neil McGill, corporate finance director with BDO, said: “Small and mid-cap quoted companies are right to be conscious of the importance reputation management can have on value. “There are well documented cases of companies that have failed because of an inappropriate remark by a chief executive, a product being withdrawn, or in the internet age a rumour
Havana Club trademark dispute continues in US
developing online that goes viral, which
A long-running dispute over the ownership of the Havana Club brand is poised to continue
seriously damages a company’s reputation.
after the United States Patent & Trademark Office renewed the trademark registration in the
“All companies listed or not, must be aware
US. Cubaexport, the Cuban government agency that owns the brand, has been granted an
of the importance of reputation management
extension of its trademark registration through to 27 January, 2026.
and have appropriate and effective processes
French drinks giant Pernod Ricard, the world’s second-largest spirits company, owns the
in place to ensure they are not suddenly faced
trademark in the rest of the world as part of a joint venture with the Cuban government.
with a crisis which could substantially impact
Ian FitzSimons, general counsel at Pernod Ricard, said: “We are confident that Cubaexport,
on the their value.”
the Cuban entity that owns the US trademark registration for Havana Club rum, will prevail in defending its registration in the pending litigation.”
“Small and mid-cap quoted companies are right to be conscious of the importance reputation management can have on value”
Due to the trade embargo placed on Cuban in 1961 following the Communist revolution, Pernod has been unable to sell Cuba-made Havana Club in the US. But rival Bacardi has been selling its own version of Puerto Rico-made Havana Club in the US since the 1990s and won a trademark dispute case in 2012. Bacardi bought the US rights to the brand from the Arechabala family, who fled Cuba following the revolution and who had their property seized by the Communist government. Relations between the US and Cuba were restored in 2014 but the trade embargo remains in place.
10
BUSINESS UPDATE bqlive.co.uk/breakfast
UN holds drugs talks
the justifiable rights of inventors, international
improve the health and well-being of all people,
The High-Level Panel (HLP) on access to
human rights law, trade rules and public health
in all countries as envisaged by Sustainable
medicines launched in November by United
in the context of health technologies”.
Development Goal Three.”
Nations Secretary-General Ban Ki-moon held
A second ‘global dialogue’ session took place at
Michael Kirby, a member of the HLP and
its first public hearings on 9 and 10 March in
Johannesburg, South Africa, on 17 March.
chairman of its expert advisory group, added:
London. The HLP has been set up to make sure
Ruth Dreifuss, former president of Switzerland
“People are dying, whether it is from cancer,
people in developing countries can receive
and co-chair of the HLP, said: “The dialogues are
Hepatitis C, tuberculosis, or other diseases.
medicines, while still respecting the rights of
a unique opportunity for government, industry,
“In some cases medical solutions exist but they
companies in developed nations that have
civil society, and academia to come together
are not available or accessible, and in other
created the drugs. Its mission is “to review and
to discuss potential solutions for promoting
cases increased investment is needed to help
assess proposals and recommend solutions for
innovation and increasing access to medicines,
develop new lifesaving medicines, vaccines
remedying the policy incoherence between
vaccines and diagnostics, so that we can
and diagnostics.”
FACT OF THE QUARTER 184.6% The number of European patent applications filed by Hong Kong soared during 2015
“People are dying, whether it is from cancer, Hepatitis C, tuberculosis, or other diseases” New global IP system on the cards Professional bodies from around the world gathered in Japan in January to form an alliance to “help shape, promote and improve global patent initiatives” The UK Chartered Institute of Patent Attorneys was one of the eight signatories to the agreement. Other professional groups signing up to the alliance included representatives from Asia, Australia, China, Japan, Singapore, South Korea, Thailand and the United States. CIPA President Andrea
Microsoft swoops on SwiftKey
Brewster said: “CIPA will continue to work
American computing giant Microsoft has taken over British app developer SwiftKey for a
world to further develop international patent
reported $250m (£170m).
systems that work well for both global and
SwiftKey, which was ranked in fourth position in the IP League Table last autumn, makes on-
local businesses, and to create a globally-
screen keyboards for mobile devices running the Android and Apple operating systems.
connected community of IP professionals who
The company was launched in 2008 by founders Ben Medlock and Jon Reynolds, who raised
are able to guide and support IP users through
US $20m of venture capital from investors including Accel Partners, Index Ventures and
those systems.
Octopus Investments. The firm has offices in London, San Francisco in the United States and
“It is important that patent attorneys from
Seoul in South Korea, as well as staff operating in China and India.
all countries collaborate to help shape
Swiftkey’s Android app launched in 2010, followed by an Apple version in 2014.
harmonisation measures and to make the most
“Eight years ago we started out as two friends with a shared belief that there had to be a
of the opportunities that they offer.
better way of typing on smartphones,” the founders said.
“The meeting is therefore a very positive move
“We’ve come a long way since then; today hundreds of millions of people around the world,
and we are most grateful to the Japanese
and many of the leading mobile manufacturers, rely on our language prediction technology.
Patent Attorney Association for hosting it.”
“Our users have saved an estimated 10 trillion keystrokes across 100 different languages,
CIPA was represented at the meeting by
which adds up to over 100,000 years of reclaimed typing time.”
Richard Mair, chairman of its international
with its counterpart organisations around the
liaison committee.
BUSINESS UPDATE bqlive.co.uk/breakfast
11
Computer games funding unveiled The first round of grants from the UK Government’s new UK Games Fund has been awarded. Culture Minister Ed Vaizey awarded grants of up to £50,000 to 24 companies to help them develop their intellectual property (IP), taking their ideas for computer games from the drawing board into production. “The UK is home to some of the world’s most successful video games and this cash boost will help these games companies grow their business and create the blockbusters of tomorrow,” he said. “I hope this fund will give them the boost and extra support they need and urge other games companies and developers to apply for funding.”
European patent applications increase
Paul Durrant, managing director of UK
The number of applications filed at the European Patent Office (EPO) grew by 4.8% in 2015 to
Games Talent & Finance, the community-
160,000, according to new figures.
interest company setup to run the fund,
The number of applications from the UK rose by 5.7%, marking Britain’s largest increase in five
added: “The level of creative activity in the
years. Total European growth was driven by a 22% increase in applications from China, with the
UK’s games development sector is running
United States up 16.4%. EPO President Benoît Battistelli said: “The remarkable growth in patent
at record levels.
applications at the EPO proves that Europe continues to be a hub for innovators from all over
“The 100-plus applications we received
the world, and an attractive technology market.
to the first round of the UK Games Fund
“It reflects the interest of businesses and inventors in opting for high-quality patent protection
have surpassed any of the rounds in our
for the European market.
previous fund.
“Despite the impressive growth in applications from outside Europe, the balance of the number
“Our new portfolio of supported
of patent applications made by European companies in other regions remains clearly positive,
companies represents the first members
which underlines the innovative potential of the European economy.”
of our talent-led movement to build on
Electronics company Philips filed the most patents at the EPO in 2015, followed by Samsung,
the UK’s creative strengths in video games
LG, Huawei and Siemens. A total of 42 countries are now served by the EPO, with Morocco and
development.”
Moldova becoming the latest two to come under its auspices during 2015.
The fund will remain open until 2019. The deadline for applications for a second round of grants from the fund for up to
said: “We were delighted to host such a high-
been cultivating Baltic markets since 2000 as a
£25,000 is 18 April, 2016.
powered team from a government that is keen
gateway for Scottish small businesses into the
to move forward in the promotion of R&D in
huge Russian market. The six-figure consultancy
its country. The delegation was seeking our
agreement between Jumpstart and Latvia will
guidance on how to improve the take-up of the
come into operation in the late spring, focusing
R&D tax relief scheme in Latvia.
on sector-specific advice and guidance of R&D
Jumpstart, the research and development (R&D)
“They want clear, practical advice for Latvian
tax matters. The delegation included: Raimonds
tax credit consultancy, is helping the government
companies and they want Jumpstart to be
Aleksejenko; deputy state secretary of economy;
of Latvia to increase entrepreneurship.
involved in designing that advice, which will
Kristaps Soms, director of entrepreneurship
The Baltic state sent officials to the company’s
target sectors individually.”
competitiveness department; Ilze Baltabola,
head office in Edinburgh to tap into its expertise
The Latvian government team were introduced
head of business development unit; and Ilze
on how to stimulate R&D. Richard Edwards,
to Jumpstart by Charles Cormack, founder of
Loze, head deputy director of entrepreneurship
director and technical analyst at Jumpstart,
the Cormack Consultancy Group, which has
department.
Latvian government looks to ‘Jumpstart’ its R&D
12
AS I SEE IT bqlive.co.uk
The rise... and rise of IP
Stephen Robertson, founder of the award winning commercial intellectual property firm Metis Partners, explains how there is more that companies can do to leverage the value inherent in IP and intangible assets I have been working in IP for more than 10
economy’s increasing investment in IP, we have
years and in that time, new dynamics such as
seen the evolution of many disruptive business
open innovation, digital networks, knowledge
models and routes to market. We, as a business
intangible assets is having a profound impact on
management, education, and creativity have
community, now acknowledge that for many
the way we finance business growth. Historically,
become vital to the maintenance of global
companies, IP assets are the key resource utilised
equity investment has been the main option
economic sustainability. The result has been a
to generate future revenues and secure market
for IP-rich companies looking to raise funds;
notable shift in investment in key business assets
share. One stumbling block remains... available
equity investors and VCs typically have shown
in favour of IP and intangible assets. Recently
funding options for IP-rich companies.
more appetite for investing in, what have been
reported statistics caught my attention; more
In 2013, the UKIPO published Banking on
viewed as, high-growth-high-risk companies.
than 50% of EU industries rely on IP assets; and
IP?, a report that investigated the role of IP
As companies invest less in tangible assets
these industries (i) generate circa 40% of GDP
in facilitating business finance. The authors
there will be fewer opportunities for traditional
in Europe; and (ii) account for circa 90% of the
posited: “is there more that companies
lenders to take security over old-fashioned
EU’s trade with the rest of the world.
and financiers could do to leverage the
corporate assets. The market therefore requires
The UK market in particular has witnessed
value inherent in IP and intangible assets?
new funding products to fill the gap... a gap
a seismic shift in its investment in corporate
The answer is an emphatic ‘yes’.” With
which is evidently becoming wider.
assets. In 2011 the UK invested £126.8bn in
governments in countries such as Germany,
knowledge based assets, compared to £88bn in
Denmark, Malaysia, Singapore, India and Brazil
COMFORT AND TRANSPARENCY
tangible assets. Since the recession of 2008-9,
taking steps to increase the availability of IP-
While some lenders recognise that IP assets drive
intangible investment has recovered and grew
backed lending to SMEs, the time is right for
the growth of many successful SMEs, why then
in 2010-11. In contrast, investment in tangible
the UK to harness IP and intangible assets as a
have they found it difficult to develop funding
assets has fallen. There is clear evidence that the
growth driver for SMEs.
options and lending culture aimed at high
role of IP in business has changed. From the UK
The shift in investment from tangible to
growth, scalable, IP-rich businesses?
AS I SEE IT bqlive.co.uk
13
financing culture is a sign that IP-related lending
By entering the IP League Table, businesses
is not only here to stay, but will be of growing
are sending out a clear message to lenders,
importance over the next few years. Albeit, it is
investors, partners and potential acquirers
not a wholly new development; using IP assets
that they:
to attract funding has been around for longer
• See IP as being a core business asset;
than you think, with Thomas Edison securing
are strategising their IP in order to exploit its
funding on the back of his lightbulb patent,
commercial potential;
enabling him to start General Electric.
• Plan to/are successfully commercialising their IP
It is not just lenders that are seeking additional
to maximise financial returns;
transparency around IP asset value. Increasingly
• Are harnessing their IP to secure/protect their
IP assets are critical elements in M&A and
market share;
acquirers have historically looked beyond the
• Are seeking recognition for the continual
The answer centres on both a lack of
balance sheet value to determine the price they
investment that they are making to create,
transparency of IP-based transactions and
are willing to pay to take a share/control over a
develop and maintain their IP to secure their
an apprehension in financing circles about
company’s resources. It’s in the seller’s interest
competitive advantage!
the perceived poor liquidity and low financial
to communicate the value of its IP in order to
recoveries from selling IP assets in insolvency.
maximise the exit valuation. In addition, recent
THEY SHOOT THEY SCORE! – IP LEAGUE
Lenders want to assess risk, security and
changes in accounting standards and tax rules
TABLE SUCCESS STORIES
recoverability. Lending decisions have
require the buyer to carefully assess the IP assets
SwiftKey, Sphere Fluidics and eeGeo may not
historically been based on gearing, liquidity
they are purchasing, as an “acquired IP asset”
be familiar names to you, unless you’ve been
and affordability of debt. These assessments
must now be recognised, correctly classified and
following the IP League Table. They are just
are typically drawn from financial information,
professionally valued by IP experts. IP valuation
some of the entrant companies who have
both historical and forecast. However, IP assets
is also becoming critical to acquirers who want
already leveraged their IP assets with great
typically don’t appear on financial statements.
to maximise the carried value of any “acquired
success in 2016; SwiftKey was acquired by
They are hidden, despite often being the most
intangibles and IP” and ensure they are securing
Microsoft for US$250m, Sphere Fluidics raised
critical of the corporate assets. How then do
access to the future tax benefits that they are
US$7m to fund its product launch and eeGeo
companies demonstrate to lenders the value of
entitled to, in respect of these acquired IP assets.
raised US$5m for its next phase of planned
these assets and more so convince them that
It is clear that IP recognition and valuation are
strategic growth. The success of these IP League
these assets are equally capable of providing
becoming central to many corporate scenarios
Table entrants is evidence that the market
security for fundraising?
and transactions.
is changing, the expectation gap is closing
Over the last five years I have seen evidence of
and that IP is increasingly being successfully
a viable secondary market for IP assets. We at
LEVEL THE PLAYING FIELD – IP LEAGUE
leveraged by exciting IP-rich companies seeking
Metis Partners have secured tens of millions of
TABLE
growth capital. By shining the spotlight on
pounds for banks and creditors from insolvency
The IP League Table offers a platform for
IP-rich SMEs, the IP League Table is providing
scenarios, selling IP assets often at price points
IP-rich companies to gain recognition for the
companies with a much-needed platform to
significantly greater than originally anticipated
investment they have made in their IP. It enables
promote IP recognition, IP management and
by the seller. Furthermore, licensing activity
companies to better articulate their investment
benchmarks them as IP-savvy. It has become
across the globe can leave no one in any doubt
in IP assets and the subsequent value that they
a hotbed of innovation and has created a
that IP can be an extremely valuable and highly
have harnessed. It makes it easier for them to
community where IP-rich companies can share
tradable corporate asset.
demonstrate that IP assets are critical to their
their experiences and successes in breaking into
Bridging the gap between IP-rich companies and
business model and how they plan to leverage
international markets, fundraising, gaining a
their access to funding is not insurmountable.
these assets in order to generate financial
valuation for their IP and even securing an exit
The Clydesdale Bank’s Growth Finance team
return. This is important not just for external
at generous multiples!
and its Emerging Technology Unit have made
communications with current and future
The Metis Partners’ team is thrilled to be
notable progress. These teams have developed
investors, lenders and ultimately acquirers,
working with the IP League Table entrants,
unique funding packages ideally suited to
but also for internal communications. Entering
helping them achieve their strategic goals and
high-growth, IP-rich companies, which are
the IP League Table can also help promote
ambitions. n
predicated on the bank taking security over IP
a stronger internal IP culture helping sustain
Stephen Robertson is managing director
assets that have been separately identified and
innovation and IP asset development as the
at Metis Partners. Find out more at
independently valued. Such step change within
business grows.
www.metispartners.com
14
INTERVIEW bqlive.co.uk
INTERVIEW bqlive.co.uk
15
Giving innovators a helping hand A broad range of businesses – from manufacturers through to software firms and technology start-ups – has found out how Clydesdale & Yorkshire Banks can lend money based on the value of intellectual property Innovation has been at the heart of Clydesdale
bank, whose solid business plan convinced
innovation is still the name of the game.
Bank since the lender was founded in 1838. Its
Clydesdale to lend her £100 in the middle of the
Five years ago, Clydesdale & Yorkshire Banks
banknotes even celebrate the lives of inventors,
19th century to enter the rag trade.
introduced a dedicated growth finance team
from Sir Alexander Fleming and his penicillin
A similar tale can be told about Yorkshire Bank,
that lends to businesses, based on their
on the £5 note through to Lord Kelvin and his
Clydesdale’s stablemate. Founded in 1859 by
intellectual property (IP). The team typically
mariner’s compass on the £100 note.
successful businessman Colonel Edward Akroyd,
provides between £1m and £7m, with the
Clydesdale’s founders realised that a different
innovation was also at the centre of his vision.
average deal size to date sitting at around
approach to banking was needed. They
He let labourers open savings accounts with
£3.5m. Some of the larger businesses are
exercised caution while other banks crumbled
as little as a penny and he quickly introduced
already turning over £20m or £30m, but most
around them. But they were also prepared to
‘school banks’, which got young people into the
have revenues below the £10m level.
back innovators, including Margaret Gemmel,
habit of saving.
“I get to meet the most fascinating
one of the first women to borrow from the
Fast-forward into the 21st century and
entrepreneurs,” smiles David Hayers, head of
16
INTERVIEW bqlive.co.uk
growth finance at Clydesdale & Yorkshire Banks. “They’re developing world-class products or software and they’re all extremely optimistic and driven. “We spotted that there was a group of businesses in the UK that was struggling to borrow money even though their IP was a really valuable asset. Banks will normally only lend against tangible assets – like property or machinery – because the intangible aspect of IP has traditionally been very hard for banks to understand or value and therefore lend against. “Graeme Sands, who leads our specialist and acquisition finance division, identified that companies may have developed very significant value in their IP. That value may well have attracted equity investment from venture capital funds, high net worth individuals and business angels, but the firms may still have struggled to raise debt. “A lot of these companies were relatively embryonic – they were only just starting to commercialise what they produced off the back of their IP but they weren’t yet profitable or even generating cash. So every time they needed to raise money they had to give away part of their equity, which meant the management team’s stake was continually getting diluted.” The picture Hayers paints will be familiar to so many entrepreneurs who have been faced with the dilemma of handing over shares in their company to an investor in return for the cash that they so desperately need to get their idea off the ground. Yet without owning any buildings or plant against which to borrow traditional debt from a high street bank, company owners have often been left between a rock and a hard place in the past. “These companies had raised professional equity
Graeme Sands, UK head of specialist and acquisition finance
and they’d started commercialising their IP to drive revenues,” Hayers says. “That meant there was real value in these businesses. We see it with large companies like Facebook, Google and Twitter. We also see it with small companies too – they have developed products or processes or software that is unique, which they have often protected and which is driving revenues. “We set up growth finance to identify ways to lend to these businesses that had developed
“The intangible aspect of IP has traditionally been very hard for banks to understand or value and therefore lend against”
INTERVIEW bqlive.co.uk
their IP. We developed our own methodology – our own IP if you like – to identify the financial strength of the business, the quality and depth of
17
“Growth finance recognises that IP is a true asset in a business, even if you can’t assign a specific value to it”
the equity invested, and the extent of the IP. “From this, we developed growth finance, which has enabled businesses to raise senior debt from us to then go and help drive their revenues by helping them invest in staff and develop the next stage of their IP, which might include the next iteration of their software of the next version
secured a £2m credit facility from the bank; Lumi
of the market – it’s all about being comfortable
of their patented product. Growth finance
Technologies, which offers real-time audience
with the organisation that you’re working with.
recognises that IP is a true asset in a business,
insight technology and is based in Hampshire;
We now have a five-year track record of working
even if you can’t assign a specific value to it.”
and London-based Toumaz, a semiconductor
with and supporting these scale-up businesses.
Graeme Sands, head of specialist and acquisition
company quoted on the Alternative Investment
That experience is invaluable as it enables us to
finance at Clydesdale & Yorkshire Banks,
Market (AIM) that’s focused on consumer audio
take a considered view should the business hit
explains: “The approach we take is not to lend
and professional healthcare.
bumps in the road.”
against any physical assets but instead to train
Last year Clydesdale & Yorkshire Banks launched
Both the growth finance team and the ETU cover
our staff to understand the details of individual
the Emerging Technology Unit (ETU), which offers
all of the UK, with hotspots of demand emerging
businesses, where their strengths lie, what are
a version of growth finance for companies at
around Cambridge, London, the North-West of
their management’s strengths, to look at the
an earlier stage in the lives. The unit lends up
England, the Thames Valley and the Central Belt
market in which they operate, the sustainability of
to £1m to companies that are turning over at
in Scotland. Most of the recent deals completed
their cash-flow and revenue generation, and then
least £500,000 a year and which have previously
have been outside of London and the South East
look to support those businesses with funding
managed to raise at least £500,000 from
of England.
for growth or working capital or whatever they
professional investors such as business angels,
“We’re seeing a lot of deals in the software sector
need irrespective of the asset base of those
high net worth individuals or venture capitalists.
at the moment, but the majority of our deals
businesses. That’s why growth finance gets to
If a business wants to raise more than £1m, then
come from sectors that would traditionally be
the heart of the philosophy behind our business
this opportunity will be picked up by the existing
classed as manufacturing – businesses that have
banking in the UK. Even after a company has
growth finance team.
developed a product or a process that they have
expanded beyond the need for growth finance,
“Now that the ETU has been established, we’re
patented,” notes Hayers.
the bank can continue to support it through its
the only bank that can fund a business from just
“We have IP as a requirement, so people often
broader range of products and services, says
after start-up, through growth finance, through
confuse that with ‘technology’. If we do find
Sands. “Growth finance is a specialist area of
a management buyout and on to a stock-market
the next Google then so much the better, but
our business focused on IP, but it echoes the
listing all within the same division and the same
the sectors that we’ve lent to are broad – so
philosophy we have throughout Clydesdale &
credit team,” explains Hayers. “That’s really
it could be the medical sector or software or
Yorkshire Banks – we’re interested in individuals
powerful because, from a company’s point of
semiconductors or the manufacturing of lasers.
businesses and their propositions,” he adds.
view, it is frustrating for a management team
It’s the IP that we look for, regardless of what the
Sands points to the geographic spread of
to have to keep educating a new credit team or
formal sector classification is.”
companies that have benefited from growth
banking division about its business, its market and
Hayers says Clydesdale Bank & Yorkshire Banks
finance: Blue Prism, based on Merseyside, is
its key drivers.
became the headline sponsors of the IP League
developing process automation robotics and
“Often it’s not a price-driven decision in this part
Table because of the niche that the banks have carved out by focusing on the value of IP to businesses. “It’s about getting the message
“If we do find the next Google then so much the better, but the sectors that we’ve lent to are broad – so it could be the medical sector or software or semiconductors or the manufacturing of lasers”
out that you don’t have to give up your equity so readily – that there are other, non-dilutive options available,” he says. “The IP League Table really linked in with what we’re trying to achieve – it’s about us being on the front foot and differentiating ourselves in the market and this is a key way of doing that.” n
18
IP LEAGUE TABLE bqlive.co.uk
IP100 - THE RESULTS Stephen Robertson, founder of the award winning commercial intellectual property firm Metis Partners, explains how and why the IP League Table has been created and why IP can offer significant advantages to both large and small businesses We are excited about the latest stage in the
sheet performed better both overall and in each
growth of the IP League Table, welcoming 32
individual IP asset class.
new companies to the IP100 community over
When we compiled the first table in
the last three months and adding their scores to
November last year, we identified a correlation
those of the 2015 entrants. I am pleased to say
between company IP scores and their year
that the quality of entrants has been very high,
of incorporation, finding that companies
with many new entrants making it into the top
incorporated between 2001 and 2005 had the
20. It is clear that the IP League Table continues
highest average scores. It is likely that, following
to attract young growing businesses investing
the economic downturn, new businesses
in IP assets, as well as more established IP-rich
perhaps couldn’t afford to invest as much in
companies, desperate to get the benefits enjoyed
IP development and management, as those
by the first intake of entrants such as SwiftKey,
established pre-recession. Interestingly, when we
Sphere Fluidics and eeGeo. We are thrilled to
take a deeper dive into these results, businesses
present you with the overall rankings and a brief analysis of our findings. The IP League Table ranking process is based upon the assessment of five IP asset classes – Brand & Reputation, Patents, Critical Databases, Software, and Trade Secrets. These were chosen to highlight companies which are using their IP assets to create effective barriers to entry and the competitive advantages needed for national and international expansion. Our criteria also encompass a wide variety of IP assets – both registered and unregistered – seen to be the most
“It is clear that the IP League Table continues to attract young growing businesses investing in IP assets, as well as more established IP-rich companies, desperate to get the benefits enjoyed by the first intake of entrants such as SwiftKey, Sphere Fluidics and eeGeo”
critical for businesses.
incorporated after 2011 performed very well in trade secrets, but had the lowest scores in patents. This suggests either a shift towards less costly methods of IP protection or is a reflection on the effectiveness of patenting vs trade secret protection. As well as giving individual entrants new insights into their own IP strategies, through their scores in each IP asset class, the IP League Table provides a unique perspective on how IP assets are managed and treated in the UK as a whole, highlighting trends around specific IP asset types. The IP League Table offers a real insight into how
I am pleased to tell you that the top-ranked
IP assets are viewed and managed across a range
companies were Kromek (developer of radiation
balance sheet of some entrants was one of
of companies and industries. Our proprietary
detection solutions), COREX (specialist geological
the features linked to some of the best scoring
ranking process has proven to be a valuable
analysis sampling for oil and gas), and Metail
companies, suggesting that acquired IP assets
and constructive benchmark which determines
Limited (offering a virtual fitting room allowing
have encouraged companies to be more effective
the effectiveness of IP management techniques
shoppers to “try on” clothes online). Well done
in IP management. Companies which had a
within a company, and a reliable indicator of the
to them!
value for intangible assets on their balance
likely IP wealth of that company. n
The sector spread of entrants is similar to that found in the previous report, with Consumer Services and Business Services representing nearly 25% of entrants each, followed closely by B2B Software at 19% and B2C Software at 15%. Interestingly, the recognition of IP on the
KEY
Consumer Services / Consumer Manufacturing / Distribution & Retail (24%) Oil and Gas (10%) B2B Software (19%) B2C Software (15%) Business Services / Business Manufacturing & Distribution (24%) Biotech/Biochem (8%)
IP LEAGUE TABLE bqlive.co.uk
IP
Top 20 entrants
Overall score (Scores out of 100)
1
Kromek
72.7
2
COREX (UK)
71.3
3
Metail
69.1
4
Stevenson Astrosat
66.9
5
Adrok PGM
65.9
6
Heald
64.4
7
Data Conversion Systems
63.5
8
Digitonic
63.4
9
Jones Publishing
63.4
10
LUX Assure
62.4
11
Speech Graphics
62.3
12
Eagle Genomics
61.0
13
Global Surface Intelligence
59.8
14
Payfont
59.3
15
CC Technology
58.0
16
Standard Life Employee Services
57.8
17
WheelRight
57.6
18
Sodash (Winterwell Associates)
57.5
19
Centrepoint Computer Services
57.5
20
Pacifica Group
57.2
Other entrants 20/20 Business Insight Activity Banking Acuutech Affective Logic Altia Solutions Anatom Appointedd Art Retail Network Bactest Bad Idea Organization Bio ID Security Biogelx BrandFour Breaking Free Online Bright Office Celtic Design Consultants Connect-In Cytomos Deep Tek Winch IP Desktop Genetics Dga Precision
Dmist Research Dogtag Doosan Babcock Downhole Energy eeGeo Emotional Sciences Exmos Geospatial Insight Hard Hood Clothing Hermes Apps Iotic Labs KB Group (UK) Kids Innovations Development Koolmill Systems Lexus International Malinkey Mevgen Technologies Mujo Mechanics Opinurate PingGo
R & G Associates Redu Group S L Social SmartEDiTORS Smith & Sinclair So To Company Soapurity Spedian Sphere Fluidics Sunstore Technologies Swipiicard Syrinix The Nostrum Group Totseat TTS Pharma Visual Products (Visorcat) Wearable Technologies WeeWorld (WW FQ) WFS Technologies Worldteachers Recruitment
IP
19
Patents
It is clear from our results that patents are a crucial IP asset for a wide-range of companies seeking to secure a competitive advantage. Within the top 20 you will spot entrants from a variety of sectors, with Oil & Gas well represented, closely followed by Business Services. Again, we have joint winners: Wearable Technologies (offering products aimed at cyclists, runners, equestrians and the emergency services), Deep Tek Winch IP (creating cost-effective technology for accessing deep and ultra-deep water for its core business of cargo recovery) and Kromek (developing radiation detection solutions) with equally robust patent management strategies. Investing in patents to defend your market position is important to many of these companies and, notably, Kromek, who have an extensive portfolio of over 247 patents!
1
Wearable Technologies
2 Kromek 3
Deep Tek Winch IP
4
Adrok PGM
5
Dmist Research
6
Sphere Fluidics
7
Connect-In
8 Heald 9
Celtic Design Consultants
10
Payfont
11
Kids Innovations Dev.
12
WheelRight
13
LUX Assure
14
COREX (UK)
15
WFS Technologies
16
Metail
17
Global Surface Intelligence
18
Smith & Sinclair
19
Koolmill Systems
20
Bactest
20
IP LEAGUE TABLE bqlive.co.uk
The following tables highlight the results obtained from the assessment of entrants in each of the five individual IP asset classes. We created proprietary scorecards for each and these were discussed during the IP League Table assessment. The average of each relevant scorecard/question set constituted the overall score for each entrant company
IP
Software
Not surprisingly, businesses from the B2B Software sector make up a large proportion of the top 20 in this IP asset class. However, the Business Services sector performed well, highlighting the importance of proprietary software in other industries, which comes as no surprise given an increasingly technology-led economy. In this IP asset class, Kromek and CC Technology (technology experts in grant management), both with over 10 years’ experience developing software solutions for quite different markets, were joint leaders. They were closely followed by Stevenson Astrosat (experts at sourcing, analysing and deploying satellite driven data), Metail (who offer a virtual fitting room allowing shoppers to “try on” clothes online), Sodash (who provide social media and customer service tools) and BrandFour (a digital design and solutions provider).
1 Kromek 2 CC Technology 3 Stevenson Astrosat 4 Sodash (Winterwell Associates) 5 BrandFour 6 Metail 7 Global Surface Intelligence 8 Centrepoint Computer Services 9 Bio ID Security 10 Altia Solutions 11 The Nostrum Group 12 Adrok PGM 13 Redu Group 14 Heald 15 Pacifica Group 16 Eagle Genomics 17 WFS Technologies 18 Speech Graphics 19 Standard Life Employee Services 20 COREX (UK)
KEY Consumer Services / Consumer Manufacturing / Distribution & Retail Oil and Gas B2B Software
B2C Software Business Services / Business Manufacturing & Distribution Biotech/Biochem
IP
Brand and Reputation
Most companies performed well in the brand category. This is not surprising as this IP asset is important in building trust, identity and empathy between a company and its customers, regardless of sector. Many of our entrants put significant effort into developing strategies to grow their business around this IP asset class. Interestingly, as with patents, Consumer Services, Business Services and Oil & Gas sectors dominated the top 20, although nearly all industries feature. New entrant Jones Publishing (a publishing and events platform under the Citywealth brand) has emerged joint top of this IP asset class. Alongside their active social media use, their wealth management network has been well promoted using publications, events, and awards. Joint winner, COREX (a specialist in geological analysis and sampling for oil and gas) scored well as a result of their investment in brand guidelines and protection, image enhancing customers and market surveys. In third place were DCS (a high-end digital audio company) and Standard Life, who in particular have had great success using partnership and sponsorship strategies to boost their image and international reach.
1 Jones Publishing 2 COREX (UK) 3 Standard Life Employee Services 4 Data Conversion Systems 5 WeeWorld (WW FQ) 6 Metail 7 Stevenson Astrosat 8 Adrok PGM 9 Sphere Fluidics 10 Bactest 11 Kromek 12 Dogtag 13 Heald 14 20/20 Business Insight 15 LUX Assure 16 Kids Innovations Development 17 Anatom 18 Redu Group 19 Digitonic 20 Deep Tek Winch IP
IP LEAGUE TABLE bqlive.co.uk
IP
21
Trade Secrets
Interestingly, the Consumer Services sector dominated the top 20 in this IP asset class. The highest scores go to those companies which have created robust trade secret protection policies and related IP culture within their businesses, protecting critical information and secret recipes. The highest scores went to Stevenson Astrosat, WFS Technologies (providers of subsea wireless instrumentation and control products), and LUX Assure, with Kromek and Smith & Sinclair (creators of alcoholic confectionery) not far behind. While trade secrets are gaining momentum as a way of protecting valuable information which might be ill-suited to patenting, there is still a lack of awareness around the importance of establishing the processes and controls for trade secret protection and management. This IP asset class had the largest spread of scores, with several entrants admitting they had trade secrets, but had no protection measures in place.
1 Stevenson Astrosat 2 LUX Assure 3 WFS Technologies 4 Kromek 5 Smith & Sinclair 6 Cytomos 7 WheelRight 8 Data Conversion Systems 9 The Nostrum Group 10 COREX (UK)
IP
11 Totseat 12 Eagle Genomics 13 Soapurity 14 Altia Solutions 15 Jones Publishing 16 Visual Products (Visorcat) 17 KB Group (UK) 18 Speech Graphics 19 Syrinix 20 Heald
Critical Databases
The top performers in this asset class were B2B Software companies, showing the growing emphasis on data capture and data management within the sector. There was a tight range in the top scores, with seven entrants ranking very closely together. Metail, Global Surface Intelligence (providing earth observation data analysis), Worldteachers Recruitment (an international education talent agency), Stevenson Astrosat (experts at sourcing, analysing and deploying satellite driven data), COREX, Exmos (software developers) and LUX Assure (developers of corrosion monitoring technology) all demonstrated highly effective controls and protection measures around database management.
1 Metail 2 Worldteachers Recruitment 3 Stevenson Astrosat 4 COREX (UK) 5 Global Surface Intelligence 6 Exmos 7 LUX Assure 8 TTS Pharma 9 Redu Group 10 Payfont
11 Mevgen Technologies 12 Digitonic 13 Speech Graphics 14 Bright Office 15 Hermes Apps 16 Biogelx 17 Downhole Energy 18 WheelRight 19 CC Technology 20 Sodash (Winterwell Associates)
“As well as giving individual entrants new insights into their own IP strategies, through their scores in each IP asset class, the IP League Table provides a unique perspective on how IP assets are managed and treated in the UK as a whole, highlighting trends around specific IP asset types�
22
ENTREPRENEUR bqlive.co.uk
Protecting parliaments and palaces From their base in Yorkshire, Debbie and Rod Heald are using their intellectual property to invent security systems that are keeping thousands of people safe around the world
ENTREPRENEUR bqlive.co.uk
As soon as you start speaking to Debbie and Rod Heald, it’s immediately clear that they take great pride in their work. Debbie is managing director of Yorkshire-based Heald, which makes barriers, bollards and other security devices for stopping vehicles from attacking parliament buildings, palaces and other sensitive areas throughout the world, while Rod is the company’s founder and has the rather nifty job title of ‘inventor’. “We don’t go in for fancy job titles here,” laughs Debbie. “We’re the type of company where everyone mucks in to get the job done.” As well as being business partners, Debbie and Rod are also married. Heald was founded in 1986 as a general engineering business. Debbie and Rod met in 1994 and, six months later, Debbie took voluntary redundancy from her job at a local council and bought a 50% stake in the company. Since then the firm has gone from strength to strength, growing its turnover from around £70,000 to £3m, with Debbie aiming to hit £10m within the next three years. The business now employs nearly 40 staff at its base in Hornsea and the Healds are very proud of creating rural jobs. “We’re a close-knit team,” says Debbie. “We’re one of the biggest employers in our local area.” The firm’s new website proudly displays its ‘Made in Britain’ marque, a new accreditation awarded in January to recognise the provenance of its home-grown products. “We also manufacture under licence in the United States and we have distributors overseas, so our reach is much wider than just our staff at our head office,” Debbie says. “When I joined the business, Heald wasn’t involved in security products,” she explains. “The first customer that came to us to ask about security products had bought a road-blocker in the United States, but it kept breaking and so he asked Rod to take a look at it. “Rod isn’t the kind of guy who will just copy someone else’s design, so instead he took a look at the road-blocker and then designed his own, improved version. After that, we had
23
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ENTREPRENEUR bqlive.co.uk
other security clients coming to us asking ‘Can you do this?’ or ‘Can you do that?’ and I would immediately reply ‘Yes’ – and then I would go back to the office and tell Rod what he had to design and build.” The company’s client list now includes law enforcement agencies, oil and petrochemical plants, and other high-profile locations. Another source of pride for Rod and Debbie is the number of unique products that Heald has developed. “In 2006 we launched Commander, a road-blocker that has been tested and proved to stop a 30-tonne truck at 50 miles per hour,” Rod explains. “It’s the first and only product in the world that can do that. “We then developed the Raptor, which is a security barrier that can stop a 7.5-tonne truck at 50mph and still work afterwards, and which only needs a 500-millimetre shallow mount below the surface. That was also a world-first, as was our Matador sliding bollard system, which can be mounted on the surface, but can still stop a 7.5-tonne truck at 40mph. “The Matador is particularly useful for areas like the City of London, for example, where as soon as you start digging to mount a bollard you come across gas pipes, telephone lines and other utility services. The Matador was developed for use in London during the 2012 Olympic Games.” As well as being the only devices of their kind in
“Now that we’ve had the patents granted, we can start to talk a bit more about our products to potential customers, and so that has a commercial benefit too”
the world, Rod’s three inventions have all been patented to protect them from being copied
those problems out of our own products. All
an online hit, appearing on websites that feature
without Heald’s permission. “In the past, we
of our products have been crash-tested to dual
extreme motoring action.
relied heavily on trade secrets to protect our
American and European standards.
Having such robust equipment has led to
intellectual property (IP),” he says. “Now that
“We try to start talking to clients at an early
demand for Heald’s products from throughout
we’ve had the patents granted, we can start
stage, so that they understand the benefits
the world. As well as serving markets in the UK,
to talk a bit more about our products to
our products can bring and can build those
Ireland and the rest of Europe, customers have
potential customers, and so that has a
requirements into their specifications for the
bought the devices from as far afield as Africa,
commercial benefit too.”
equipment they want to buy. Contractors will
Australia, the Middle East, Singapore and Russia.
“IP is massively important to the company,”
often just go for the cheapest option, so it’s
Debbie is particularly pleased to have broken
adds Debbie. “Not only are we inventing
important that the end users are told about how
into the US market, which is very large and
completely-new concepts and products but
our products are crash-tested and how they can
also very demanding when it comes to security
we’re also inventing additions to the existing
continue operating.”
systems. “America is a tough market to crack,”
equipment that we have, to make them much
Crash testing the products has made sure that
she adds. “We’ll also be looking to increase
better than the competition. Innovation is what
they will withstand attacks from lorries of certain
the number of our overseas distributors in the
pushes us forward.
weights hurtling into them at set speeds. All
coming years.”
“We’ve taken what our customers have
of the products not only survive the crash tests
With seeing each other in both the office
historically thought have been problems with
but continue to operate afterwards. One of the
and the home, what’s it like for Debbie and
other companies’ products and we’ve designed
firm’s dramatic crash-test videos even became
Rod to live together and work together? “It’s
ENTREPRENEUR bqlive.co.uk
25
wonderful,” laughs Rod. “We work together,
Yorkshire Business Master’s Awards and the
engineering and mathematics – the ‘STEM’
but separately – we each have different parts of
Network She Awards, and winning categories
subjects – and consider a career in engineering.
the business that we look after and I think that’s
at the Northern Power Women Awards and
“A lot of young people think a career in
why it works so well.”
the Yorkshire Business Leaders Awards. Heald
engineering is unattainable for them, but it’s
“We also have a mutual respect for each
has also been busy promoting engineering
really not,” she says. “It’s such an exciting type
other and for the roles that we play within the
as a career option for the next generation of
of career to get involved with.
business,” adds Debbie. “We bring different
graduates. The company recently took part in
“It’s something that you can even come to
skills to the table and so it’s a mutually-beneficial
a student fair at the University of Hull, rubbing
later in life. I was about 27 when I left the local
relationship.”
shoulders with industrial giants such as BP,
council to take joint ownership of Heald.
Debbie’s success in growing the company
Siemens, Smith & Nephew, and Tata Steel.
“I had joined the council straight from school
has been recognised in recent weeks after
“We’re very proud of what we do and of the
and I’d then gone back to study for six years
she was named as one of the five finalists
quality of the equipment that we produce,” says
part-time at college and university, where I
for the Yorkshire region at the BQ Emerging
Rod. “It gives us a good feeling, knowing that
focused on business studies.
Entrepreneur Dinner, which was held at
whoever has bought our products has bought
“So I didn’t have a background in STEM subjects
the Leeds Marriott Hotel in February. The
the very best quality that’s available. That’s why
at all, but now I’m the co-owner of a very
achievement was the latest in a string of
we do it. We love what we do.”
successful engineering business. If you put your
nominations for Debbie and Heald, which have
Debbie has a particular passion for encouraging
mind to it and you’re prepared to work hard
included being shortlisted as finalists in the
more women to study science, technology,
then you can achieve anything.” n
26
INTERVIEW bqlive.co.uk
Making a global mark Having offices across two continents has helped Murgitroyd to become one of Europe’s largest firms of patent and trade mark attorneys, as Gordon Stark explains Gordon Stark has seen some big changes at Murgitroyd over
As well as its own sites, the company also has direct
the years. When he joined in 1998, the patent attorney firm
representation rights in Austria, Belgium, Denmark,
had just two offices and 50 staff. Now the company has 250
Luxembourg, Monaco, the Netherlands, Norway, Sweden and
workers operating in 13 offices throughout Europe and the
Switzerland.
United States and is one of the largest firms of patent and trade
Murgitroyd’s operations in the US are slightly different; the
mark attorneys in Europe.
firms uses its client liaison offices at the Research Triangle Park
“The scale of the business has changed beyond all recognition
in North Carolina and Silicon Valley in California as business
while I’ve been with the company,” says Stark, who has risen
development hubs, from which US-based staff can work closely
through the ranks and became chief operating officer in
with clients, offering them a bridgehead to the other side of the
2012, a role that involves a focus on continually improving
Atlantic.
Murgitroyd’s service to its clients. “Part of that culture of
“It’s not about offering advice about protection in America,”
improvement has been inspired by our work in the US – in
explains Stark. “If our European clients ask for help in the US
America customer service is king, not just in legal services
then we can put them in touch with the right patent attorneys
but throughout the economy.”
– but we’re not competing with those firms to offer advice.
From its head office in Glasgow, the firm grew to include bases
Instead, we’re helping those firms and their clients to protect
in Aberdeen and Edinburgh and then on to Belfast, London,
their IP in Europe.”
Newcastle and York. Spreading its wings outside the UK, the
Working in America has also helped to inspire a new range of
company opened offices in Dublin, Helsinki, Milan, Munich and
services at Murgitroyd. “We’ve developed online tools so that
Nice, all the time focusing on cities and regions where clients
we can give clients access to their own data whenever they
generate a lot of intellectual property (IP), whether through
need it,” says Stark. “That’s very important to a lot of clients in
copyright, designs, patents or trade marks.
America, but also to UK and European clients too.”
INTERVIEW bqlive.co.uk
“We’ve developed online tools so that we can give clients access to their own data whenever they need it. That’s very important to a lot of clients in America, but also to UK and European clients too”
27
28
INTERVIEW bqlive.co.uk
“IP – and patents in particular – has never had a higher profile. Few weeks go by when technology companies don’t hit the headlines through their battles to protect their inventions”
INTERVIEW bqlive.co.uk
29
IP – and patents in particular – has never had a higher profile. Few weeks go by when technology companies don’t hit the headlines through their battles to protect their inventions, especially when it comes to the fights between Apple and Samsung over the innovations inside their mobile phones, with the two giants clashing in court rooms across several continents. Yet patents also cause a lot of confusion. There’s been much talk of filing ‘European patents’, yet many companies aren’t clear about how they go about protecting their IP across international boundaries. “At the moment, you can file a patent under the European patent convention,” nods Stark. “But once it’s been granted then it breaks down into a bundle of rights and you have to pay country-by-country to keep that patent enforced. “Over the next couple of years, we’ll see the introduction of the community patent, which is a variation on the patent available under the current European patent convention. The community patent will be similar to the existing community trade mark and it means that all of the countries in the European Union will be covered by this one patent. “The drivers behind that are to reduce costs – there’s quite a high translation burden at the moment as you break those patents down. There was some legislation called the ‘London Agreement’ that reduced the burden and cost, but there are some components of industry that want the burden and the cost to be reduced further. “But it’s worth pointing out that it’s only some businesses – others want to keep the current system. Because the community patent will just be one single patent and not a bundle, if there’s litigation and the patent is knocked out in court then that patent would fall in all the other countries too. So some businesses would prefer to keep the current system where a patent is granted across the jurisdiction and then you litigate on a country-by-country basis.” The development of a European system is one of the major changes that members of staff at Murgitroyd have seen over the past 40 years. The firm was founded by executive chairman
30
INTERVIEW bqlive.co.uk
Ian Murgitroyd, a mechanical engineering graduate from the University of Strathclyde who began trading as a patent attorney in 1975. Ian jokes that his only aim in founding the company was to earn enough money to buy an E-type Jaguar – although by the time he could afford one they were sadly out of production. His son, Edward, who currently serves as chief
“We’re involved with companies in every step along their innovation journey,” explains Stark. “We’re standing there besides them from the moment when they file their first patent”
executive and deputy chairman, joined the business in 1997 after following in his father’s footsteps by studying mechanical engineering, although Edward’s studies took place at the University of Glasgow. The business joined the Alternative Investment Market (AIM) in 2001 and last year returned a pre-tax profit of £4.16m on record turnover of £39.8m. During his career, Stark has benefited from the firm’s geographical spread. After studying immunology at the University of Edinburgh, he spent six years at the company’s head office in Glasgow. He moved to Dublin to lead the Irish operations for three years before returning
names in the entertainment industry, who
neglected, disabled and orphaned children.
to his native Edinburgh in 2007 to run the
are all looking to protect their IP,” explains
In the past, patent attorneys would have been
newly-opened office in Scotland’s capital city.
Stark. “Developing and selling merchandise is
caricatured as grey-haired old men wearing
Stark now oversees the management teams
becoming an important source of income for
bow ties and leather patches on the elbows of
in Edinburgh, Belfast, Dublin and Helsinki,
music artists these days.
their jackets. But – just as the firm’s clients are
as well as the firm’s operations and business
“The timescales over which companies look
not simply boffins in laboratories wearing white
relationships in Japan.
to develop and protect their IP can differ. Take
coats – Murgitroyd’s modern-day image couldn’t
“I was attracted to becoming a patent attorney
mobile phones and tablet computers like Apple’s
be further from that stereotype.
because I could continue to gain professional
iPhone and iPad for example; these have only
The firm – whose customers include the
qualifications and also use my scientific
been around for a few years but already they’re
California Institute of Technology (Caltech) and
knowledge and understanding that I gained
onto their fifth or sixth iterations.
Touker Suleyman from BBC Two’s Dragons’
from my degree,” Stark remembers. “It wasn’t a
“Contrast that with pharmaceutical companies
Den television series – presents an ‘innovation
well-trodden career path at the time.”
that may have spent millions if not billions of
journey’ to its clients, which stretches from
Stark has put his biology background to good
dollars taking a new drug through clinical trials.
creating IP, through to capturing and recording
use over the years, offering advice on IP to
They are looking to protect their IP for as long
it, securing and protecting it, managing it, and
life science companies. He is a member of the
as possible and exploit their investment over the
then regenerating it through licensing or other
innovation board of Heriot-Watt University in
full length of the patent, which is normally 20
avenues.
Edinburgh and is a former chair of the IP and
years.”
“We’re involved with companies on every step
innovation group of the Scottish Lifesciences
Murgitroyd is also taking a long-term view when
along their innovation journey,” explains Stark.
Association trade body.
it comes to working with its local communities.
“We’re standing there beside them from the
Murgitroyd’s client list extends far beyond
In London, volunteers from the firm have helped
moment when they file their first patent all the
the sciences. From players in the fast-moving
at the Heathfield Ecology Centre in South
way through to when they become a bigger
consumer goods sector looking to protect their
Croydon, which is home to an orchard and a
company and have a whole bundle of IP rights.
brands through to scriptwriters for the big and
wildlife rescue centre. In Glasgow, members of
“The days of simply filing one patent to protect
small screens wanting to copyright their latest
staff have supported community organisation
a product are over. Now, companies are
works, the firm deals with businesses operating
Eadha Enterprises in Clyde Muirshiel Country
becoming far cleverer about how they use their
throughout the entire spectrum of economic
Park. Further afield, the company supports
IP. Instead of just selling a product, they may
sectors.
Nazareth House at Cape Town in South Africa,
licence their patents to third parties to monetise
“Our clients include some of the best known
which provides secure homes for abandoned,
that IP and realise income.” n
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ENTREPRENEUR bqlive.co.uk
The nuclear option
ENTREPRENEUR bqlive.co.uk
33
Academic-turnedentrepreneur Max Robinson has done what many others have not been able to – taken intellectual property incubated in universities and turned it into successful businesses
Max Robinson is a rare beast – he’s an academic who also understands how the world of business works. His first company, Image Scan Holdings, a maker of three-dimensional (3D) x-ray scanners, joined the Alternative Investment Market (AIM), London Stock Exchange’s junior market, in 2002. Robinson sold his shares in Image Scan the following year and left his university post in Nottingham to become a business angel investing in other start-ups. He also took on a role with the five universities in the North East of England – Durham, Newcastle, Northumbria, Sunderland and Teesside – to help other academics bring to life their research and ideas developed in their laboratories. It wasn’t just academics either – he setup and ran Blueprint, the North East universities’ business planning competition for ten years, encouraging students to come up with ideas for their own companies. There was one opportunity in particular that caught his eye. As a canny Lancastrian – born in Chorley, the land of the eponymous cake – Robinson saw the potential to commercialise research going on in one of the universities. But what prompted a proud Lancastrian to venture across to the ‘wrong’ side of the Pennines? “I saw that physicists at Durham University had come up with a way of producing crystals of cadmium zinc telluride (CZT), which can be used to detect radiation, like x-rays and gamma rays,” explains Robinson. “The problem in the past had been producing CZT in large enough quantities
34
ENTREPRENEUR bqlive.co.uk
to make it commercially-viable, but 20 years of research at Durham had solved the problem.” Robinson founded Kromek, a radiation detection technology company – originally called Durham Scientific Crystals – in 2003 and provided the required seed capital in his role as a business angel. The firm began with two members of staff in the university’s incubation centre, but grew quickly and in 2005 became the first tenant at NETPark, a technology park at Sedgefield in County Durham. During the same year, the company secured finance from Amphion Innovations, a venture capital fund with branches in London and New York. One of Kromek’s first customers was the European Space Agency (ESA), which bought specialist material from the company. As well as producing CZT to detect radiation, Kromek began moving up the value-chain by producing its own sensors and components and eventually its own devices for end-users. Climbing the value-chain involved the company making two acquisitions. In 2010, Kromek bought California-based Nova R&D, which boosted the British firm’s expertise in how to incorporate its sensors into broader electronic components. Three years later, Kromek took over Pennsylvania-based EV Products, which has expertise in deciphering the signals produced by the CZT crystals when they detect radiation. During 2013, Kromek also joined AIM, raising £13.4 million to fund the next stage of its development. “We’ve done a lot of things that small university spin-outs aren’t meant to do,” Robinson says with a broad grin. “University spin-outs from the North-East aren’t meant to go to America and buy companies there. They’re also not meant to get to the stage where they get support from seasoned investors in the capital markets. “We joined the stock market because we
“Managing our IP was very, very important when it came to attracting funding. I find that people – especially in high-tech businesses – won’t invest at all unless they can see some protection for their money”
needed to raise the money to help give the company the critical mass it needed to succeed. We work in the medical imaging, nuclear
is now only rarely seen as a small university
California.
detection and security screening markets and
spin-out. The company employs more than
Revenues for 2014-15 increased by 36%
these are all multi-billion pound industries in
110 people spread across its head office in
year-on-year to £8.1m. The business doubled
which you need scale. We had been successful
Sedgefield, its research and development (R&D)
its manufacturing capacity in the UK and won
in raising private equity money, and listing was a
base at the 3M Buckley Innovation Centre
major contracts, including from Innovate UK –
natural next step.”
in Huddersfield and its American bases at
previously known as the Technology Strategy
It’s a testament to Kromek’s success that it
Saxonburg in Pennsylvania and Riverside in
Board – and from a number of agencies in the
ENTREPRENEUR bqlive.co.uk
35
“University spin-outs from the North-East aren’t meant to go to America and buy companies there. They’re also not meant to get to the stage where they get support from seasoned investors in the capital markets” United States, including the Defense Advanced
Williams, who was appointed last year. Williams
they’re locked out of a certain bit of patent
Research Projects Agency (DARPA) and the
has previously served as chairman of the
space because of the patents that we’ve got
Defense Threat Reduction Agency (DTRA).
National Physical Laboratory, treasurer and vice-
then it gives them comfort to give us contracts
The company’s list of clients reads like a Who’s
president of the Royal Society, and chairman and
to do work for them. In a commercial sense,
Who of the industrial world. The firm’s devices
chief executive of Oxford Instruments.
managing our IP has provided us with ‘wins’ in
are used at many nuclear facilities around the
One of the keys to Kromek’s successful growth
several ways.”
world including EDF Energy’s power stations and
has been the way in which it has managed its
Kromek’s IP has been built into larger products
in Japan following the Fukushima nuclear power
intellectual property (IP), with more than 250
made by other manufacturers and the company
plant disaster in the wake of the tsunami five
pieces of IP now listed among the company’s
is looking to increase the number of licenses
years ago.
assets. As well as the more-familiar patents
that it grants to other firms to use its IP.
Kromek’s liquid explosive detection product,
filed by the company’s UK arm, its American
“We’ve never been one of those companies
known as the ‘bottle scanner’, is deployed in
acquisitions brought with them more novel
that comes up with a single good idea and then
nearly 50 airports across 10 countries. In the
forms of IP.
rests on its laurels,” says Robinson. “We’ve
medical space, the company counts on large
“One of the American companies that we
built layer upon layer of innovation on top of
global original equipment manufacturers (OEMs)
bought had used 100 trade secrets and around
the original breakthrough with CZT. We’ve
as partners, developing and supplying the next
200 special operating processes to protect its
protected each new innovation at each stage of
generation of equipment for early detection of
IP,” remembers Robinson. “Some people feel
our development and so I think other companies
life threatening illnesses.
that when they file a patent application, they
would find it very hard to crack the IP fortress
One of the company’s most important customers
are making too much information available in
that we’ve created.”
is the US government. “Protection from a ‘dirty
the public domain and so they use trade secrets
Employees at the company have also been able
bomb’ attack is a big priority in America, and in
as an alternative.
to share in its success. Managers have issued
many other countries too,” explains Robinson.
“Managing our IP was very, very important
members of staff with shares and continue to
“Our detectors are very good at spotting the
when it came to attracting funding. I find that
use the company’s stock as a way of rewarding
radiation emitted by material that could be used
people – especially in high-tech businesses –
innovative ideas.
to make a nuclear bomb.”
won’t invest at all unless they can see some
“The members of staff who work at Kromek
Recently, Robinson and Brian Tanner stood down
protection for their money. So it’s been a very
are really talented and highly skilled,” explains
as non-executive directors of Kromek following
deliberate policy on our part to show them
Robinson. “We feel that it is as much their
12 years of service to become the founding
the breadth and depth we have, mainly
company as shareholders and granting them
members of the company’s new scientific
through patents.
options to purchase shares is a good way of
advisory committee. Their change of roles
“It’s also been important when winning
making sure that they can also share in the
created a new streamlined board led by Sir Peter
business. I think that if people realise that
success of the company.” n
36
INSIGHT bqlive.co.uk
Rosa Wilkinson, director of innovation at the UK Intellectual Property Office, is on a mission to help entrepreneurs grow their businesses by harnessing their IP
For many civil servants, the word ‘business’ is a bit of an abstract concept. But for Rosa Wilkinson, director of innovation at the UK Intellectual Property Office (IPO), her experience of commerce began at a very early stage. “I was playing with the ‘Paid with thanks’ stamp from the age of six and I wrote my first invoice before I was ten,” laughs Wilkinson, who grew up around her family’s industrial property business in Doncaster. “We were renting space to businesses that, back in those days, were classified as ‘light industry’, so anything from bus companies and pipe fabricators all
INSIGHT bqlive.co.uk
37
u o y e r A r u o y r o f y d a e r ? t i d u a IP the way through to artisan craftsmen. I got to
would come to when it wanted to file a patent
understand that 24 hours a day, seven days a
or register a trade mark. We’re changing that by
week mentality.
looking beyond our transactional processes.”
“I’m from Yorkshire, so I want to tell it like it is.
Wilkinson joined the IPO in September 2011
I can still close my eyes and think back to those
from UK Trade & Investment (UKTI), the UK
businesses on our industrial estate and I ask
Government agency that helps companies to
myself ‘Are we explaining what we do in terms
conduct business overseas. During her time
those businesses would understand?’
with UKTI, she took on a range of challenging
Jargon and business-speak aren’t just annoying,
projects including making sure that the
they can also be barriers to helping companies
organisation worked effectively with the
to grow.
devolved administrations and with local councils
“In days gone by, the IPO was based around
in England, and developing its initial thinking
transactions – it was the agency that a business
on making the most of the trade opportunities
“Jargon and business-speak aren’t just annoying, they can also be barriers to helping companies to grow”
38
INSIGHT bqlive.co.uk
presented by the 2012 Olympic Games in
“They might be once you drill down into the
lots of physical assets to act as collateral in
London.
very fine details, but actually a lot of the basics
a lending deal so can find it hard to borrow
“UKTI has – and still has – a superb track
are very easy to understand. If you understand
money because they struggle to make their
record of working with individual companies,”
the basics then you can identify your IP and you
case. That’s a real issue for business growth.”
Wilkinson explains. “I want the IPO to be seen
can go to specialists and ask the right questions
On top of its various tools, the organisation also
like that – a place where entrepreneurs can
about protecting it and using it.”
provides training programmes, including its ‘IP
come to get help in understanding their IP and
Wilkinson doesn’t just want businesses and
Master Class’, which used to run as a physical
how to use it.”
advisors to learn about IP either; the IPO has
event over three or five days, but which has
Entrepreneurs can pick from a range of events,
also developed an ‘IP Tutor’ that can be used
now been distilled down into two-and-a-half
seminars and workshops to learn about IP –
by university and college students. “We carried
days and which is now also available online. The
such as copyright, design, patents, and trade
out a survey in conjunction with the National
masterclass goes into further details for business
marks – with many of the sessions run in
Union of Students,” says Wilkinson. “The results
advisors.
conjunction with other UK Government and
showed that students recognised that it was
“I can’t afford to recruit an army of people
devolved administration agencies, including
going to be important for them to understand
to advocate the benefits of effective IP
Companies House. “But I knew from my own
IP as part of their careers but they weren’t
management – what I’d much rather do is
experience that many of the entrepreneurs
confident that their courses were giving them
make sure that the people who businesses are
that we would be trying to reach just simply
the right knowledge and skills. So our IP Tutor
already talking to understand IP well,” explains
didn’t have the time to come along to events,”
helps to fill-in those gaps.”
Wilkinson. “The IP Master Class makes sure that
Wilkinson explains. “They’re just too busy
One of the key tools that the agency has
those advisors have a good solid grasp of IP in a
getting on with running their businesses.
created is its ‘IP Finance Toolkit’, which allows
business context.
“So we went and met them on their terms.
companies to identify their IP and then begin
“It’s an area that many are unconfident about.
We used social media to reach out to them at
to describe it and articulate their descriptions
There appears to be this grand thesis that IP is
that point at the end of the working day when
for potential funders, whether they be equity
horribly complex and horribly technical and so
they’ve finished in the office and they’re sitting
investors like business angels, private equity
people steer clear of it.”
down to surf the internet for a while.” The IPO has also made many of the tools that businesses will need to get to grips with their IP available online. These include ‘IP Equip’, an electronic-learning course split into four manageable modules that explain why IP is important to a business. It is accompanied by
“A lot of businesses and their advisors think patents and trade marks and other forms of IP are really complicated. They might be once you drill down into the very fine details, but actually a lot of the basics are very easy to understand”
a smartphone or tablet computer app, which helps companies to identify ways of managing, protecting and exploiting their IP.
firms or venture capitalists, or debt providers
While most of the agency’s work is concerned
A second free online tool is the ‘IP Health
such as high street banks.
with cutting-edge technology and the latest
Check’, which helps businesses to identify IP
“Frankly, the toolkit is never going to set the
technological breakthroughs, its roots are firmly
assets and then manage them. As well as being
world alight in terms of being an exciting
planted in history. The Patent Office – which
aimed at businesses, the health check is also
document, but it’s bloomin’ good at what it
was renamed as the IPO in 2007 – was founded
designed to help advisors.
does,” laughs Wilkinson. “It’s the one thing
in 1852, although the origins of patent law in
“We shouldn’t kid ourselves that all generic
more than anything else that people come up
the UK and its constituent nations stretch back
business advisors understand IP,” says Wilkinson.
to me and ask me about, which tells me that it’s
a further 400 years. Today, the organisation
“A lot of businesses and their advisors think
doing a good job. That’s people from financial
has more than 1,000 staff based primarily in
patents and trade marks and other forms of IP
services, not just companies using it.
Newport, Wales, but also at a smaller satellite
are really complicated.
“Research has shown IP-rich firms don’t have
office in London.
INSIGHT bqlive.co.uk
39
“Ev e its n ry com pot ame. pany ent will ia But to b l. It’s not ev have s e at that ery c ome o a the I core bility t mpany P, even if of t o inn will he U ova hav it’s jus e t K’s t eco e that growt h nom is g ic g oing row th” Before her appointment to the IPO and her spell with UKTI, Wilkinson had served as director of public policy and regulation at Lloyds TSB between 2007 and 2009, helping to guide the bank through the 2008 global financial crisis and its marriage with HBOS to create Lloyds Banking Group. Prior to her work with Lloyds, she worked as managing director for policy at the Small Business Service, part of what at the time was the Department for Trade & Industry (DTI). While at the DTI, she was involved in setting up the Manufacturing Advisory Service
recommendations identified new business
(MAS), which sends experts into companies
opportunities through licensing or franchising,
to offer them advice on how to improve their
54% of businesses reported that they have
manufacturing processes and procedures.
introduced or changed their IP management
“The MAS was popular because it used
strategy as a result of the audit, with 32% of
experts who had real-world experience of
businesses reporting improved ability to access
manufacturing,” Wilkinson says. “So we’ve
equity or debt funding.
introduced a similar service at the IPO and called
The next steps for the IPO include working
it the ‘IP Audit’. An IP advisor – not someone
more closely with the devolved administrations
from the IPO – will go into a company and look
and with the changing landscape of economic
at how it’s managing its assets.
development in England, including in the
“Every company will have some IP, even if it’s
Midlands and the ‘Northern Powerhouse’.
just its name. But not every company will have
Wilkinson says there won’t be a “one size fits
growth potential. It’s that ability to innovate
all” approach; instead, the agency will work
that is going to be at the core of the UK’s
with different partners in different areas to
economic growth.
support entrepreneurs, using networks like
a bigger share of that. I’m driven by that, I find
“We’ve expanded that service into the ‘IP Audit
the British Library’s Business & Intellectual
it extremely exciting.
Plus’. Through a pro-bono deal, an IP expert
Property Centre.
“In the past IP has been used as a shield by
can go back into companies that have been
“My favourite statistic of all time comes from
businesses to simply protect their ideas. I also
audited and help them to address some of the
back in 2008, when 5% of all global trade was
want to see it being used as a weapon to
recommendations from their audit.”
in IP licences and at the time that trade was
help companies grow, whether that’s through
More than 80% of businesses have acted or
worth £600bn,” Wilkinson adds. “That number
commercialising their IP themselves or licensing
are acting on recommendations from
is increasing exponentially. Growing up in a
it to other firms to have a go. That’s the secret
their audits, while 35% said the audit’s
small business, you can bet your boots I wanted
to economic growth.” n
40
INTERVIEW bqlive.co.uk
Brian Williamson, managing director at Jumpstart, explains why so many companies can save money through research and development tax credits and not just scientists working in darkened rooms
Giving innovation a jump start When you hear the phrase ‘research and
more than just inventing the next must-have
the food that we eat. Out in the fields, the slurry
development’ – or ‘R&D’ to its friends – it’s
gadget or app.
that we spread in the UK is more viscous than
hard to stop the image flooding into your mind
“One of the examples that I always like to use
the type that they use on the continent and so
of a boffin standing in a laboratory wearing a
is the food chain,” explains Brian Williamson,
European slurry spreaders don’t work as well in
white coat, mixing chemicals together to create
managing director at Jumpstart, a consultancy
the UK. We work for the firm that has produced
weird and wonderful concoctions or wielding
that helps companies to get R&D tax credits
new technology to make sure that the slurry
a burning hot soldering iron as they make a
from HM Revenue & Customs (HMRC). “There’s
is spread to the base of the crops so that it’s
technological advance. Yet R&D is about much
R&D involved at almost every stage of producing
more effective.
INTERVIEW bqlive.co.uk
41
“When it comes to livestock farming, we work for the company that has produced ‘nutrients bullets’ that have been developed to slowly release nutrients into the four stomachs of a cow. These bullets need to have enough nonnutrient weight so that they stay in the stomach until all the nutrients have been absorbed, but then they also need to be light enough so that the cow can cough them back up again once all the nutrients have been extracted. “Then, once the beast has met its maker, we work with butchers who are looking to increase the shelf-life of beef once it has left the abattoir. We also work with Europe’s largest leather manufacturer, which is looking at how it can use the dust created by the hide being tanned so that it can be recycled and not dumped in landfill.” Williamson buzzes with enthusiasm for the R&D process, but he’s also passionate about how companies can offset the cost of R&D against their corporation tax bill, cutting the amount that they have to pay to HMRC and freeing up cash for further investment in their business. Chancellor Gordon Brown introduced R&D tax relief in 2000 and since then businesses of all shapes and sizes have been able to claw back millions of pounds from the taxman. The growth of Jumpstart has mirrored that of many of the start-up companies that it’s helped along the way. The business was launched from an attic in 2008 by Richard Edwards, Don Galloway and Stuart Wyse. Wyse had been working for his own tax credit consultancy
“When it comes to livestock farming, we work for the company that has produced ‘nutrients bullets’ that have been developed to slowly release nutrients into the four stomachs of a cow”
42
INTERVIEW bqlive.co.uk
firm in Canada, the most developed market for R&D tax relief, and he saw the potential to bring the concept back home to his native Scotland. More than 40 countries now use such systems
“The private equity market is very much skewed towards businesses that are rich in intellectual property (IP) and we knew that these IP-rich businesses would have the greatest technical challenges”
to stimulate innovation. Williamson joined the business early on as a consultant and became managing director in
funding from the Business Growth Fund (BGF),
of its portfolio companies. When it invested
2012. He invested in the company too, taking
the £2.5bn investment vehicle launched in 2011
in Jumpstart, Jim Faulds joined the board as
a stake that put him on par with the founders
by Barclays, HSBC, Lloyds Banking Group, Royal
chairman. Faulds founded his eponymous
and making sure he had skin in the game as he
Bank of Scotland and Standard Chartered. BGF
advertising agency in 1985 and grew it into the
worked with them to grow the business. The
initially invests between £2m and £10m into a
largest outside London.
early days saw them base their business model
business in return for a minority equity stake
From its head office in Edinburgh, Jumpstart
around using self-employed sales staff to help
and a seat on the board. The companies it backs
has grown to cover the whole of the UK, with
bring in clients, helping to spread the risk in
are privately-owned or listed on the Alternative
its headcount now up to 50 people and its
what was a cash-hungry start-up.
Investment Market (AIM) and typically have
turnover reaching £5m. So far, the business has
What sets Jumpstart apart from other firms
revenues of between £5m and £100m.
saved its clients a sum approaching £100m. The
that offer to help companies with their R&D
“When BGF came on board as an investor, we
company controls about 30% of the Scottish
tax credits is that its members of staff are
were in the unusual position of being cash-
market and around 5% of the English market,
not accountants and they’re not lawyers.
rich and so we didn’t need the cash,” laughs
highlighting its further opportunities for growth.
Instead, they’re technical analysts, usually with
Williamson. “We’d grown the business during
While the firm already has sales staff operating
experience of industry and academia. “What
the financial crisis and come through in a strong
throughout the UK, it plans to open at least
Stuart saw in Canada was that it was easier to
position. So, instead of taking on investment for
one office south of the Border in the next 12
teach a scientist about tax credits than it was to
the cash, we did it so we could strengthen the
months. To catch-up with Canada, the UK
teach an accountant about science,” explains
board and make connections with the private
should be producing between two- and three-
Williamson.
equity market.
times as many claims as it’s currently doing to
“When we have the words ‘R&D’ and ‘tax
“We like to think of ourselves as the ‘Jumpstart
reach full maturity.
relief’ in the description of our company, people
family’ and we wanted an investor to join our
“In the early days, we were just looking at
immediately think of a white coat, a pipette
family. BGF is very much like us because it’s
how to help companies reclaim R&D tax relief,
and a test tube, or a pinstriped suit. We help to
interested in getting the culture right first and
but now we can do much more than that,”
bridge that chasm.”
then the numbers will follow.
explains Williamson. “We can help businesses
Williamson is clear that Jumpstart doesn’t
“The private equity market is very much skewed
to navigate the world of R&D grants and we can
compete with accountancy firms though. “A lot
towards businesses that are rich in intellectual
help those businesses to put a value on their IP
of our clients are referred to us by accountants,”
property (IP) and we knew that these IP-rich
teased out in their R&D claim, which can help
he explains. “You can make the comparison
businesses would have the greatest technical
when it comes to raising funds.
between general practitioners (GPs) and
challenges. We employ the best scientists so
“On the other side of the equation, we can
surgeons – if you need specialist treatment then
we’re the experts in this field. While other
also help potential investors or purchasers to do
your GP will call in a surgeon. You can think of
people can do a bit of quick-and-dirty form
their due diligence on a company. We can help
your accountant as your GP and then when you
filling, we’ve gone down the route of working
them to look at the value of R&D as part of the
need specialist help with R&D tax credits then
with companies that value our expertise.”
wider IP.
they call in Jumpstart as the surgeon.
BGF doesn’t just bring cold hard cash to the
“The trick often missed by owners is that they
“In the past, accountants were seen as a sunk
table; it also introduces its portfolio companies
believe the value of their company is purely
cost that you wanted to minimise, but we can
to its ‘Talent Network’, a group of about 3,000
driven by the profits they create. However more
help an accountancy firm to add value and
board-level contacts who have “been there,
and more the valuation of a company is gauged
be seen as a net benefit that brings in more
done that and got the T-shirt to prove it”. They
as what potential can be leveraged from IP in
business through its expertise. We take a more
are experienced entrepreneurs and advisors
the future. The scientist with a wide view of
robust look at a company’s R&D; if you’re a
who have helped to grow businesses and who
technologies in the market is best placed to
fast-growing pre-revenue company then the last
can offer hints and tips on how to overcome
tease out that valuable uniqueness bringing cash
thing you want is skeletons in the cupboard.”
expansion pains, enter export markets or
today and value tomorrow.”
One of the key drivers for the company’s growth
diversify into other sectors.
A quick glance at Williamson’s career history
came in 2014 when it raised £3.4m in equity
The fund also helps to strengthen the boards
shows why he’s been such a good fit for
INTERVIEW bqlive.co.uk
43
Jumpstart, through a combination of technical
fellow shareholders – he switched into oil and
he was working with 13 companies.
experience and business start-up support.
gas, where he started his next business. He sold
Williamson has recently been given the all-
After studying for his diploma in mechanical
the company to its management team in 2004
clear following treatment for bowel cancer.
engineering from Glasgow Caledonian
and began investing in start-ups.
Before being diagnosed he admits to being
University, he gained management experience
Along the way, he had become chief executive
a real workaholic, but now he is focusing on
at Weir Pumps and then across a range of
of The Learning Organisation (TLO) in 1999 and
the smarter way to help build Jumpstart and
companies in various industries, including
led a management buyout in 2000. TLO helped
Brightwork, a recruitment agency for which he
construction, electronics, heavy engineering, oil
more than 80,000 people to start their own
acts as chairman. Entering remission has given
and gas, and petrochemicals. He started his first
businesses and provided training for a further
him fresh impetus to grow these and other
company in the automotive sector in 1995 and
25,000 each year, with Williamson selling his
businesses.
– after building the business over three years to
stake in 2007. He was keen to build his portfolio
“Before I was ill, I’d like to think that my door
£5m of revenues before selling his stake to his
of business interests and at one point in 2010
was always open and I would offer advice about business to anyone that was looking for it,”
“He was keen to build his portfolio of business interests and at one point in 2010 he was working with 13 companies”
he says. “I had so many friends rally round me when they found out that I was unwell. Now that I’m recovering, it’s renewed my desire to help other people.” n
44
ENTREPRENEUR bqlive.co.uk
Cell mate As with so many life sciences companies, managing intellectual property has been key to Sphere Fluidics securing finance and winning customers, as chief executive Frank Craig explains
ENTREPRENEUR bqlive.co.uk
Cells are among the most basic building blocks that make up our bodies; they form our skin and our muscle, our bones and our blood. Scientists study cells so they can understand how our
45
“Developing a technology platform like ours can take at least £5m of funding and so raising investment is crucial. Investors won’t invest if you don’t have your IP right”
bodies work when they’re healthy and how diseases develop and spread when we get sick. A spin-out company from the University of Cambridge is preparing to enter the frontline in
devices go on sale.
Amersham International and GlaxoSmithKline
the battle to detect diseases at the cellular level
“Some of the larger companies that we’ve
(GSK) before he became one of the co-founders
and identify ways of combating sickness.
shown the device to have already bought some
of San Diego-based Aurora Biosciences. Aurora,
Sphere Fluidics has developed the Cyto-Mine,
of our prototypes,” explains Craig. “This week
at which Craig was vice-president of technology
a piece of equipment that can analyse each
we’ve shipped our first units to Europe and the
collaborations and strategy, was bought by
individual cell within a sample of millions,
United States.
Vertex Pharmaceuticals in 1998 for £420m, with
identifying the one cell in a million that might
“Developing the prototypes with customers
Aurora’s market capitalisation having previously
show a disease is present or detect a sole anti-
has allowed us to refine the design and the
peaked at £1.8bn.
body producing cell, the body’s natural defence
software. Our larger customers will buy the
He went on to become vice-president of
system against illness, which could lead to
machines from us and then we will sell them
research and development at Amersham
treatments being developed.
consumables and service contracts. We’re also
Biosciences, the FTSE 100 constituent that was
The business was launched in 2010 by serial
looking at options to lease machines to smaller
bought by General Electric (GE) and became
life sciences entrepreneur Frank Craig and two
and medium-sized customers that may not be
part of GE Healthcare. Along the way, he picked
professors from the University of Cambridge,
able to buy a machine outright in a single year
up a master’s degree in business administration
Chris Abell and Wilhelm Huck. For the first
but may look to lease one for, say, five years.”
(MBA) from Warwick Business School.
couple of years, the firm acted as a services
Craig has a strong track record of building
His next step was to become the co-founder and
business to build up cash and better understand
life science businesses, with his career having
chief executive of Smart Holograms, a platform
the applications.
included spells in both large and small
technology spin-out from the University of
Sphere Fluidics is a ‘platform technology’
companies. After studying for a bachelor of
Cambridge that had applications in both the life
business, which means it has taken scientific
science degree with honours in microbiology
sciences and security sectors. He then turned
research and developed it into a technology that
at the University of Glasgow, he stayed on to
himself into a start-up consultant and advisor,
has applications in many fields. Later this year, it
complete his doctorate in microbiology and
including for the Scottish Institute of Enterprise.
will take the next step in its journey to become
cell biology.
Having previously worked with the university,
an equipment supplier when its first Cyto-Mine
His career began with scientific research roles at
Craig was brought in by Cambridge Enterprise
46
ENTREPRENEUR bqlive.co.uk
– the institution’s commercialisation arm – to
having in lining up single cells so they could be
run his eye over the research being carried out
analysed by their equipment.
by Abell and Huck to determine if it could be
“I thought to myself ‘Cyto-Mine can do that in
turned into a spin-out company. “My report
two minutes’ and so we’re now looking at how
concluded that there was an opportunity, and
we can use our technology to help speed up
I was asked if I would form the business and
other important processes.”
become its chief executive,” says Craig.
Having enjoyed a long career in the life sciences
“I went away and thought about it over the
sector, there are many lessons that Craig has
course of six months to make sure it was
learned along the way that he’s been able to
the right thing for me. I was attracted to the
bring with him to Sphere Fluidics. “One thing
company because of the quality of Chris and
I’ve learned the hard way is that cash is king,”
Wilhelm’s research and their international
he says.
reputations, as well as the backing of a brand
“There’s no point in sitting there worrying too
like the University of Cambridge.”
much about business planning and strategy – as
Under Craig’s direction, the company has so
you raise money, you have to make sure that
far raised £9 million in seed funding, won
you manage cash carefully and don’t waste
grants worth £2.2m and grown its turnover
too much of it. You need to keep things lean,
to £2.5m, with Craig expecting revenues
but you also need to motivate people well, by
to double to £5m this year once Cyto-Mine
Craig adds: “Secondly, managing your IP is
offering them rewards and bonuses. You always
goes on sale. The business has secured more
important when it comes to winning customers.
have to make sure you have money coming in
than 160 international customers, launched
Clients need reasons to buy your machine and
and that your people are motivated.”
40 products and worked with some of the
so if they see that you have patented technology
Working capital has been another important
biggest pharmaceutical companies, including
and that none of your competitors can offer this
consideration for Craig. He points out that a
AstraZeneca’s MedImmune division and GSK in
then it gives them a reason to buy your product.
£3m order could come in one month but then
the UK, and with Pfizer and Merck in the US.
“Without managing our IP professionally, we
payment may not follow for a further 60 or 90
“We’ve also sold products in Europe, and we are
would have lost out on both the investment and
days, and so companies need to either have
now looking to grow markets in the Far East,
commercial fronts. In the future, we will also
cash reserves or other mechanisms for managing
including China and Japan,” Craig added.
look at licensing our IP to our companies, which
their cash-flow effectively.
Intellectual property (IP) has been at the heart
could create another revenue stream for our
“You also have to work with internationally-
of the company’s strategy. So far, it has been
business.”
recognised people, who have experience,” adds
granted 54 patents and two trade marks.
As well as rolling out Cyto-Mine over the course
Craig. “A lot of start-ups are formed by young
“Managing IP is very important to a business like
of this year, Craig is also looking at further
people, but often there’s a trade-off in terms
ours for two reasons,” explains Craig.
expansion. The company has two further
of older wisdom versus youthful energy. In my
“Firstly, when it comes to raising finance,
machine designs in the pipeline and plans to
experience, it’s all about finding the best people
investors will want to see your IP and will
open a sales office in the US. Sphere Fluidics is
to form a synergistic and complementary team.
hire patent agents to examine it. They will be
also forming a joint venture with a company
“Credentials can be very important – for us,
checking to see that your IP will give you a
in Asia to use its technology for single-cell
working with the University of Cambridge was
competitive advantage by giving you a protected
diagnostic tests.
important, as was the investment from the Royal
area to work in or by erecting barriers to entry
“As well moving into single-cell diagnostics,
Society Enterprise Fund. The Royal Society is the
for competitors.
we’re also looking at how our device could work
oldest science society in the world.
“Developing a technology platform like ours
with other equipment in laboratories,” Craig
“The senior managers in a business shouldn’t
can take at least £5m of funding and so raising
explains. “I was at an event where a couple of
be office-bound – they should be out there
investment is crucial. Investors won’t invest if
researchers from a completely different field
meeting customers and talking to them about
you don’t have your IP right.”
were talking about the difficulties they were
their requirements. They should be taking part in high-level sales and promoting the company.
“The senior managers in a business shouldn’t be office-bound – they should be out there meeting customers and talking to them about their requirements”
I read recently that MBA students at Harvard are now being taught that senior managers should always be in touch with customers – we’ve already done that using common sense and entrepreneurial spirit.” n
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