Trademark & Patent under Startup India Initiative
Intellectual property rights (IPR) awareness is rapidly growing in India, and the government has recognized the need of encouraging IPR awareness and registration in its Startup India Action Plan 2016. Startups have placed a strong emphasis on the facilitation, protection, and registration of trademarks, patents, and designs, and in this article, we examine the major incentives for trademark and patent registration under the Startup India initiative, which aims to transform intellectual property filing and registration.
Importance of Trademark, Patents & Designs for Startups
Intangible assets such as trademarks, patents, and design registration are valuable intangible assets for every startup since they increase valuation and competitiveness. Only through innovation and the preservation of their intellectual property rights can startups with limited resources flourish and compete against established businesses. As a result, the Startup India Action Plan outlines a number of steps that Startups can take to make trademarks, patents, and designs easier to obtain, protect, and register.
Patent Filing Fee Rebate for Startups
According to the Startup India Action Plan 2016, startups would receive an 80 percent discount on patent filing fees as compared to other businesses, which will help them save money in the early years. The filing fee rebate program is being piloted for a year, with the possibility of it being expanded based on the results.
Fast Track Patent Application Processing
After receiving patent registration for unique innovations, the value of innovation and businesses skyrockets. As a result, the government, through the Startup India initiative, has announced fast-track assessment and disposal of patent registration applications, allowing the value of intellectual property to be appreciated and safeguarded as soon as possible.
Facilitation of Trademark, Patent, and Design Registration
The empanelment of a panel of facilitators to aid in the filing of patent, trademark, and design registration has been proposed in the Startup India Action Plan. The facilitators will assist in the advising, filing, and disposal of intellectual property registrations relating to patents, trademarks, and designs under the Patent Act, including appearing on behalf of Startups at hearings and contesting opposition from third parties, if any, until the IPR application is finally dismissed.
According to the Startup India Action Plan, the Central Government will cover the entire fee for any number of patents, trademarks, or designs that a Startup may submit, while the Startups would only be responsible for the statutory fee. The facilitators would be appointed by the Controller General of Patents, Designs, and Trademarks, who would also oversee their conduct and functions.
Rishiraj is a keen learner and eager to learn more about the financial world. As a content writer at Finaxis, he hopes to capitalise on his newfound inclination for technology and language.