Figures published by the Government at the end of March reveal the extent to which the UK is building success through knowledge and creative assets. Between 2009 and 2011 the value of intangible assets rose by more than 10% to £137.5 billion; firmly putting knowledge, innovation and creativity at the top of the business agenda.
However, there is no reason for complacency with the Minister for Intellectual Property, Lord Younger, saying that “a real challenge remains for firms to understand their intellectual property and how it can help them to access funding to invest in the first place.” In response to this challenge the Government has put forward a number of recommendations including increasing awareness of IP issues, and “creating a system to increase lenders’ confidence in assessing the value and risks of IP assets.”
But if businesses are to successfully maximise the value of knowledge, innovation and creativity they will need to look towards creating an internal culture which supports and nurtures these traits. This includes moving away from autocratic leadership styles and towards a culture in which the leadership models the way and then inspires, encourages and enables others to act. Only through a more open and encouraging style of leadership can ideas have free reign and entrepreneurship flourish.