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02 January 2019
A Ploughshare Innovations non-executive director, Dr Andrew Mackintosh, has been selected to lead a project to investigate how the Government can generate greater value from its intellectual property and know-how.
Such ‘knowledge assets’ and intellectual property are becoming ever more important in the modern economy, and the government is taking steps to capitalise on these assets.
Understanding their full value and how to maximise them could help to pay for public services in the future, by ensuring that the government receives a financial reward for its innovation and taxpayers are getting value for money. Better harnessing the potential of new innovations could also boost the wider economy.
A report published at Budget 2018 estimated the value of public sector knowledge assets at more than £150 billion and outlined how the government could do more to maximise their benefits. Now the next step is being taken, with an implementation study led by industry expert Dr Andrew Mackintosh. This will bring together private and public-sector expertise and report in summer 2019.
Chief Secretary Liz Truss said:
"Realising the full potential of intellectual property and know-how in the public sector could boost productivity and will benefit the public finances.
"This study marks a great step forward for government, in maximising the social, economic and financial benefits of its intellectual property, data and other assets."
Dr Andrew Mackintosh, who will lead the study, said:
"I am very excited to be leading this implementation project… This is a strategically important area that many organisations are grappling with across the private and public sectors. I see huge opportunity for the UK public sector to develop new and creative approaches to increase the benefits that its knowledge assets deliver."
The Budget 2018 report recommendations included: providing expertise and guidance within government to support public sector innovation; improving the way we record and measure the value of knowledge assets; and providing the right incentives and financial support to realise their potential. The study will be focused on implementing these recommendations.
Notes to Editors
This press release first appeared on gov.uk (21 Dec 2018).
Ploughshare Innovations Limited
Ploughshare Innovations is the technology transfer organisation for the UK Ministry of Defence (MOD). It turns 'swords into ploughshares' by enabling businesses to gain access to defence and security technology developed by leading government laboratories. Ploughshare ensures Government technology is put to good use and benefits the UK, society as a whole, and humanity by applying innovative technology to improve people’s lives. Since its creation in 2005, the company has licensed 125 technologies and attracted £140 million of investment. Read more about Ploughshare.