“So, what are renewals fees for?”

Intellectual property renewal fees serve several important purposes. They ensure that IP rights, like patents and trademarks, are maintained only when they hold ongoing value, allowing unused assets to return to the public domain. This supports innovation, encourages competition, and promotes public access to new ideas.

Renewal fees also help fund IP offices and discourage monopolising or hoarding inactive IP, ensuring a balanced and efficient system for managing intellectual property.