Why should we care about product innovation and patentable ideas?
Because innovation is directly linked to growth and can directly affect corporation tax as well as profitability. Through the UK Patent Box scheme, profits from streamed patented products can be taxed at 10% instead of the standard corporation tax rate.
For the right product line, that can transform the long-term financial performance of the business.
How do we know which idea to start with?
Ideas Lab produces a ranked set of opportunities based on commercial evidence.
The highest-ranking ideas typically have:
• the largest market opportunity
• strong internal capability
• the clearest financial return
This makes it far easier for leadership teams to focus effort on the opportunities most likely to deliver profit.
Why focus on existing profitable product lines?
Because that is where the largest financial impact sits.
If a patented innovation sits within a product line that already generates strong revenue, the tax benefit applies to a much larger profit pool.
Strategy is everything.
How long does the full Design 4 Patent process take?
Initial design, development and prototyping takes between 3 - 6 months. The full process through to patent approval runs over 24-30 months.
All ideas generated during an Ideas Lab session remain the intellectual property of the client, provided the invoice for the session has been paid.
The purpose of the workshop is to help your team identify and uncover opportunities within your own business, so the resulting ideas belong to you.