Bath safety system attracts investment
A
The Patent Office product story
Edited by the Engineeringtalk editorial team
Dec 16, 2005
A London inventor who has developed a way of preventing baths from flooding bathrooms has been offered £150,000 investment for his invention.
A London inventor who has developed a way of preventing baths from flooding bathrooms has been offered £150,000 investment for his invention.
He was one of a team of graduate entrepreneurs coached by the Patent Office in how to protect their innovations using patents and how to create brands through the trade mark system.
In November, Wimbledon-based James Barnham pitched his Nova-Flo invention in the Lion's Den competition, inspired by the BBC's Dragon's Den.
The challenge was at the Business Startup event in London to a group of funders.
Barnham, who has applied for worldwide patent rights for his invention, has been offered the money he was seeking.
A granted patent would allow him the right to prevent anyone else from making, using, selling or importing his invention for up to 20 years.
The Nova-Flo is a mechanical unit for preventing baths overflowing - most methods currently on the market involve some electronics.
Strong intellectual property rights are often a key haggling factor in securing the interest of potential investors.
Barnham agrees that his approach to patenting played a large part in making the idea attractive.
"Investors do want to know that you have taken your intellectual property rights seriously," he said.
"Patent applications give some indication that your idea is special and therefore has more potential in the commercial market".
"In terms of Nova-Flo, the market relating to domestic flooding is huge".
"The insurance industry pays out millions each year to people claiming in this area".
Barnham has a first class BSc in industrial design from London South Bank University.
For the past few months, the Patent Office has been working with the National Council for Graduate Entrepreneurship (NCGE) to build awareness among undergraduates and graduates of the value of intellectual property rights in the setting up and running of a business.
Education and enterprise manager at the Patent Office Dave Morgan said: "We are delighted that following coaching on the importance of intellectual property rights, young entrepreneurs were able to secure funding or the contacts to help their businesses".
"IP is an excellent bargaining tool and its value should not be underestimated".
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