Recession Has Prompted Innovation In Company Formation

While they media continues to be saturated with stories of recessionary doom and gloom, a report published by intellectual property law firm Moran & Mercer suggests that it may not be all bad.
According to Moran & Mercer, the number of patent applications they have received since the recession hit has almost doubled, suggesting that the recession has forced potential entrepreneurs to be innovative with their business ideas.
Adrian Moran, founder of Moran & Mercer comments; “The number of people approaching us about applying for a patent has almost doubled relative to the same period last year. This could be due to a number of factors – namely the instability of the current employment market. While this is positive, it cannot be identified as a catalyst for economic recovery, as we have still failed to address the number one challenge facing any new company – a lack of available finance.”