Patents to cost less

The World Intellectual Property Organisation (WIPO) has confirmed its plans to cut patent registration costs.

A representative of the WIPO - a division of the United Nations that controls the global patent service and other property rights issues - explained that patent costs have been cut because the existing charge structure has been making a surplus. "We are making the cuts because we want to be fair to our members, but it will also help to promote the patent process and boost innovation," he said.

The WIPO now plans to inject the cash reserves into Internet research. It will undertake studies into trademark protection, Internet address issues and improving protection of intellectual property in developing countries.

Bob Jones, venture capitalist and entrepreneur, welcomed the move, which he said is bound to encourage more technological innovation. "In Europe, people are reluctant to take the plunge to innovate, so any cost cuts, no matter how small, will help financially and psychologically," he said.

As well as lower charges, companies seeking patents could also be awarded discounts if they use electronic application processes.