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.
Additionally, Start-ups may also seek licenses of bigger corporations to do certain kinds of business. Increasing the ease and efficiency of registering intellectual property and ability to procure the relevant licenses required to set up a business are also considerations that should be taken into account when launching a start-up.
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.
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To know more about Start Up Laws in India, Read below