Importance Of IPR For Start Ups
Importance of IPR for Start Ups – In the course of business, Start-Ups, like any other business entity, have business relations with a variety of stake-holders such as an employee, consultant etc. who may be handling valuable intellectual properties of the business entity on a regular basis. A business that relies heavily on specific intellectual property (IP) rights, and especially one that aspires to cater to a global market, should ensure that its intellectual properties are adequately protected.
Startup India Campaign
The Start-up India Campaign has been launched to promote the youth and creative people to start their own businesses. However, the new ideas and innovations that are being put into action need protection so as to encourage people to think other new ideas and put them into action, besides being the driving force to a secured commercial and IP environment. To provide protection to the ideas and innovations of Start-ups, the Government of India has launched the Scheme of Facilitating Start-Ups Intellectual Property Protection (SIPP) which is envisaged to facilitate the protection of Patents, Trademarks and Designs of innovative and interested Start-Ups and to encourage innovation and creativity among them. Therefore, there is an increasing importance of protecting one’s intellectual property (IP) in the highly competitive business arena, which is also being recognized by the Government.
SIPP SCHEME AND IPR BENEFITS FOR START-UPS IN INDIA
Startups Intellectual Property Protection (commonly known as SIPP) aims to promote awareness and adoption of Intellectual Property Rights amongst startups. Scheme is inclined to nurture and mentor innovative and emerging technologies among Startups and assist them in protecting and commercialize it by providing them access to high quality IP services and resources.
The Start-Up Action Plan released on January 16, 2016 envisaged several benefits for Start-ups in India and one such benefit was the IPR benefits and facilitation for Start-Ups in India.
Empanelment of IP Facilitators
Prior to the introduction of the SIPP Scheme and subsequent empanelment of IPR Facilitators under the Scheme, the Start-Ups often suffered from inadequate guidance from lawyers and agents who were not proficient in IP laws and drafting of patent applications. However, after the appointment of IPR Facilitators for effective implementation of the Scheme, the Start-Ups can take assistance of qualified IPR professionals for filing and prosecution of their IPRs and they also do not have to pay any fee to the IP Facilitator, as they are paid nominal professional fee directly by the Government through the office of the CGPDTM. However, official/statutory fee for filing patent, trademark and design application shall be borne by the Start-up itself.
IPR Benefits for Start-Ups
- Reduction in cost in IP filings-There is 80% reduction in cost of filing patents in India. Patent and Design application filed under Start-up category (DPIIT recognized) i.e. start-up as applicant, the applicant has to bear only the official fee/statutory fee incurred for filing patent and design application with the Indian Patent Office till registration of design. No professional charges is required to be paid. The government will bear all facilitator fees.
- Fast tracking of patent applications is possible by filing Request for expedited examination which mandates the Controller to issue the First Examination Report (FER) within 105 days, when the expedited examination request is accepted. Granting of patent is expedited and reduced to less than a year from five to seven years.
- 50% rebate in Trademark filings
- IPR Facilitators- Empanelemment of Patent and Trademark Facilitators
For more information on importance of IPR for Start Ups, IPR registrations for start ups in India, please write to us at email@example.com or submit a query.
To know more about Start Up Laws in India, Read below