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University students will bid for £750,000, in a new competition designed to encourage the practical use of intellectual property.

Enterprising university students will bid for £750,000, in a new competition designed to encourage the practical use of intellectual property (IP) in their business ideas.

Launched yesterday (15 October 2014), the StudentshIP Enterprise Awards will provide funding, ranging from £10,000 up to £100,000, for university projects that bring enterprising students, businesses, and their local community together to work on innovative projects. In-house projects or collaborations with other universities or businesses that create, manage or exploit intellectual property will all be considered.

Award winners will increase their understanding of the value and use of intellectual property, so the next generation of graduates are better equipped to enter the world of modern business and make the most of their unique ideas.

Minister for Intellectual Property, Baroness Neville-Rolfe, a former business leader said:

The UK invests more in ideas and knowledge than machinery or buildings, so it is vital that the next generation of business-people and entrepreneurs really understand the value of intellectual property and how it can help them make the most of their creativity.

This new competition will encourage enterprising students and academics to collaborate, so that their ideas for creating and exploiting intellectual property can be turned into reality and business opportunities. This is our chance to spot, support and develop the skills of the people who will be fuelling our future economy.

The competition will run until 12 December 2014, with finalists announced in January and the winners in March 2015.

Guidance and Terms: Student Competition - Guidance and Terms(PDF, 764KB, 12 pages)

Application Form: Student Competition - Application Form (PDF,219KB, 8 pages)

Notes to Editors

1.For more information about the competition, please visit the Intellectual Property Office website or contact Matthew Larreta at the Intellectual Property Office on 01633 813814.

2.The StudentshIP Enterprise Awards 2014 encourage the practical application of Intellectual Property (IP) skills by Higher Education (HE) students working in collaboration with Higher Education Institutions (HEIs) and/or businesses.

The main purpose of the competition is to recognise and reward student-centric projects that:

• support the use and understanding of IP in student enterprise activities
• increase the number of IP savvy graduates leaving HE

The Intellectual Property Office is committed to ensuring that the next generation of young people have the skills they need to succeed in the global race.

3.The Intellectual Property Office (IPO) is within the Department for Business, Innovation and Skills (BIS) and is responsible for the national framework of Intellectual Property rights, comprising patents, designs, trade marks and copyright.

4.The IPO’s role is to help manage an intellectual property system that:

• encourages innovation and creativity
• balances the needs of consumers and users
• promotes strong and competitive markets and is the foundation of the knowledge-based economy

5.The IPO operates in a national and an international environment and its work is governed by national and international law, including various international treaties relating to intellectual property to which the United Kingdom is a party.