BQ2 Special Report: IP100

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.

in association with

Aberdeen +44 (0) 1224 706 616

Belfast +44 (0) 2890 320 441

Edinburgh +44 (0) 131 339 9910

Glasgow +44 (0) 141 307 8400

London +44 (0) 20 8688 3490

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Newcastle +44 (0) 191 211 3550

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murgitroyd.com

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

in association with

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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BQ Magazine is published quarterly by room501 Ltd.

room501 Publishing Ltd is part of BE Group, the UK’s market leading business improvement specialists. www.be-group.co.uk

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

24

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

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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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32

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

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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

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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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