Patent protection and British lightbulb moments driving overseas exports

The Sunday Times recently published the SME Export Track 100 report which ranks Britain’s 100 small and medium sized (SME) companies with the fastest-growing international sales. In the last 2 years, the 100 companies collectively generated overseas sales of £833 million, with over a quarter of these companies experiencing an average sales growth of above 100%. These figures illustrate the success of British entrepreneurs across the country and signify the importance of innovation and patent protection to capture international market trends.

A light bulb moment can be simple. Amongst the league table, business ideas ranged from pizza oven retailers – Gozney Ovens’ portable pizza maker to nappy suppliers – Bambino Mio’s reusable and sustainable nappies. These emerging British brands are becoming both locally and internationally recognised with the help of intellectual property rights (IPR).

A strong patent portfolio stops imitators from copying your ideas and helps smaller companies to negotiate on equal terms with large corporations. By gaining IPR, more British SME companies can gain recognition for their technology and sustain a lasting competitive advantage in local and overseas markets. This is reflected in the data released by the Office of National Statistics (ONS) last month, which shows British exports hit a record-breaking level, as they reached £639.9 billion. Despite the uncertain global economic outlook, British exports have been growing annually and are expected to continue to boom in the coming financial year.

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Read the full SME Export Track report here.