BUSINESSES in the North are failing to capture innovation and ideas for commercial gain, even though they recognise the importance of creativity in the economy.

A study by Marks and Clerk, a firm of patent and trademark attorneys in the UK and Europe, found that while 61 per cent of North companies believed it was important that ideas and creativity were exploited, only 22 per cent had a budget dedicated to capturing these ideas.

Regarding safeguarding ideas and creativity, 78 per cent of company directors recognised the importance of protecting their firm's inventions, but only 28 per cent had a process for doing so.

While most companies in the North were keen to ensure product ideas and inventions were protected, the research found significant confusion as to how this should be achieved.

Thirty-nine per cent of those surveyed would apply for a patent.

However, 28 per cent of directors said they would do nothing and six per cent said they would rely on the Official Secrets Act to protect their inventions from competitors.

The survey also found that creativity and innovation is rising higher up the local business agenda, with 67 per cent of those questioned believing it had grown in importance over the past ten years. Sixty-one per cent thought this trend would continue over the next ten years.