British inventions in steep decline

From the telephone to the humble toothbrush, the UK has led the way in creating many of the world’s most fundamental inventions, yet new figures show that British entrepreneurs and companies are falling behind when it comes to creating and securing their inventions as new figures show an 8 per cent drop in patents granted domestically in 2018.

According to analysis of the latest WIPO and IPO1 data by Santander UK, the decrease in patents secured by British inventors represented the most significant year-on-year decline since 2013 (-17 per cent), with just 3,001 patents granted in 2018 – only nine more than in 2011.

Out of the top 10 global economies, the UK experienced the second biggest drop in patents granted, surpassed by only Canada, which declined by 13 per cent. Three quarters of patents filed in the UK were rejected by the IPO, more than any other patent office around the world. On average, 75 per cent of all patents submitted are rejected each year, the most common reasons being the ideas are not inventive enough or for financial reasons.

Aston spoke to Rob Law MBE, entrepreneur founder of trunki and Louise Robinson, head of breakthrough at Santander UK to discuss the research and also about the tool kit that santander have come up with to tackle the steep decline for inventions.