By Anna O'Leary ‑ January 5, 2017
Increased transparency into the ownership of patents will fuel future innovation
January 5, 2017 – LONDON. CPA Global®, a leading IP management and technology company, is actively supporting the Open Register of Patent Ownership (ORoPO) – a non-profit organisation that aims to improve transparency and openness around patent ownership data.
Supported by companies including IBM, Microsoft, ARM and BAE Systems, ORoPO aims to encourage companies to publish IP ownership details directly to ORoPO’s global register.
The World Intellectual Property Organisation (WIPO) estimates that 25% of patent data available on public registers is inaccurate. This can be caused by something as simple as a misspelling on a patent application or uncertainty around ownership. During the lifetime of a patent, ownership can change hands or companies change names. Data needs to be regularly updated.
Inaccuracies in patent ownership have significant consequences, causing increased risk, cost, and uncertainty that creates barriers to innovation. With intellectual property making up as much as 70% of a company’s value, inaccurate information can fundamentally impact the core asset value of a business.
Simon Webster, CEO of CPA Global comments: “Intellectual property is as important, if not more so, than physical assets in determining the value of a company. Innovation is critical to global business growth and ORoPO will help remove uncertainty around who owns assets and how they can be used. We wish to support ORoPO and promote its benefits to our clients and beyond, helping to drive further traction on this important initiative.”
CPA Global will support ORoPO by actively publicising the initiative to its customer base and encouraging its clients to grow the open register database. CPA Global is planning a series of joint webinars with ORoPO, IBM and Microsoft to improve knowledge of the initiative and share its benefits.
Tony Clayton, Director of ORoPO and formerly Chief Economist at the UKIPO comments: “The ORoPO initiative is making a significant contribution to transparency around patent information. The support of CPA Global will make it easier for more companies to join, and to create value from their data.”
About CPA Global
CPA Global is the world’s leading IP management and technology company. Trusted by many of the world’s most respected corporations and law firms, CPA Global empowers a global community to achieve excellence in IP management. We support the day-to-day delivery of IP functions and provide the right information at the right time, enabling professionals to make better IP decisions for the future. Our integrated suite of IP software, services and insight is underpinned by an outstanding global team of IP people.
ORoPO (Open Register of Patent Ownership) was launched in June 2015 by organisations united in a common goal - to achieve greater transparency around patent ownership on a global scale. ORoPO provides an open data register of patents, accessible to all at no cost. For more information, please visit www.oropo.net.
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