Many businesses have been built on the foundation of a good idea or a new invention. For many, this has led to considerable profits. According to a recent study, however, many small businesses could be doing more to leverage their intellectual assets.

The study, entitled Intellectual Property Awareness Survey of Business, was conducted by the UK Intellectual Property Office. It found that only about 15 percent of small businesses in the UK have ever sought advice regarding protecting their innovations.

Similarly, approximately 11 percent of small firms assign responsibility for the management of intellectual property rights, compared to 43 percent of larger businesses.

According to the UKIPO, the study's findings indicate that many small businesses may be missing out on additional income that could be generated if they were to leverage their intellectual assets effectively.

UK intellectual property minister Judith Wilcox announced the results during a recent visit to Plymouth University. “Innovation is the backbone of our economy," she said. "It’s encouraging that many businesses know the importance of protecting and exploiting their ideas."

However, Wilcox added, "it’s clear that many smaller companies aren’t aware of how to make the most of their intellectual property."

Approximately 20,000 businesses were polled for the study, which examined companies in all industry sectors.