Why Intellectual Property Matters for Businesses & Startups?

Intellectual Property (IP) plays a crucial role in the growth and development of businesses worldwide, and India is no exception. As the country continues to emerge as a hub for innovation, protecting the ideas, inventions, and creations that drive industries forward has become a key priority. In this context, India’s IP landscape has seen remarkable growth, and its impact on businesses and entrepreneurs cannot be overstated.

In a recent exclusive interview with TICE, Prof. (Dr.) Unnat P Pandit, the Controller General of Designs, Patents and Trademarks, and Registrar of Copyright and Geographical Indication at the Government of India, shed light on how the IP ecosystem in India is evolving and the steps being taken to support entrepreneurs, startups, and researchers in securing their intellectual property.

The conversation highlighted the challenges faced by businesses, the solutions provided by the government, and the importance of IP in shaping the future of India’s economy.

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India’s IP Landscape: Growth and Opportunities

Dr. Pandit shared that India’s IP landscape has been growing significantly, with the number of patents granted in the last few years seeing a substantial rise. From 2022 to 2023, the number of patents granted tripled, and according to WIPO statistics, India saw a 15.7% increase in patent filings. This shows a clear trend: Indian businesses and innovators are increasingly recognizing the importance of IP protection as a key factor in fostering growth.

The numbers are striking — every six minutes, a new technology seeks IP protection in India. This, Dr. Pandit believes, is a strong signal of the growing faith in the Indian economy, which is on the path to achieving significant milestones by 2047 under the vision of ‘Amrit Kal’. For entrepreneurs, this means that there is both a growing opportunity and responsibility to protect the innovations they bring to life.

Challenges for Entrepreneurs: Navigating IP Protection

While the opportunities are vast, entrepreneurs often face significant challenges when it comes to IP protection. According to Dr. Pandit, one of the main challenges is that many entrepreneurs fail to recognize the full potential of IP in their business. When developing new technologies or ideas, businesses often overlook the embedded IP within their research and innovations. To address this, the Government of India, in collaboration with the World Intellectual Property Organization (WIPO), has launched an IP diagnostic tool on the IP India website. This free, accessible tool helps innovators assess the IP potential of their solutions, providing a preliminary report on the types of IP that may apply.

Additionally, Dr. Pandit highlighted the availability of “IP Mitras,” professionals who assist innovators in navigating the process of IP protection. The government also offers reimbursement for certain professional charges, making it easier for startups to protect their intellectual property without overwhelming costs.

Common Mistakes Businesses Make and How to Avoid Them

Over the years, Dr. Pandit has observed that businesses often make critical mistakes when it comes to managing their IP portfolios. One of the most common errors is neglecting the post-grant maintenance of intellectual property. Securing a patent or trademark is just the first step; businesses must also ensure that they meet ongoing requirements such as paying annuity fees and submitting the necessary forms to maintain their IP. Failing to do so can lead to the loss of valuable intellectual property.

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Many companies also fail to fully utilize their IP to its commercial potential, missing out on the opportunity to generate revenue or attract investment. Dr. Pandit emphasized the importance of not only securing IP protection but also using it strategically to drive business growth.

The Role of Government and Policy Support for Startups

Dr. Pandit also discussed the role of the government in supporting startups and new businesses. Recognizing the importance of IP protection in the startup ecosystem, the government introduced several initiatives to make IP more accessible for emerging businesses. For instance, the Startup India program led to amendments in the patent rules in 2017, enabling startups to expedite their IP protection process at a reduced cost — with fees slashed by up to 80%.

Startups can also leverage the Patent Cooperation Treaty (PCT) to secure international protection for their IP, which opens the doors to global markets. Dr. Pandit encourages entrepreneurs to utilize these provisions, as having strong IP protection can significantly increase a startup’s credibility with investors and venture capitalists, who see IP as a critical asset.

Reducing the Cost of IP Protection

A major concern for many startups and innovators is the cost of IP protection, particularly when it involves legal fees for patent attorneys. However, Dr. Pandit provided valuable tips to minimize these costs. Entrepreneurs are advised to have a clear understanding of their technology and its potential before seeking legal assistance. This can help in drafting a more concise and effective application, reducing the time and cost involved in the process.

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Moreover, the government offers financial support to startups from academic institutions, including fee reimbursements for patent applications. This initiative is part of a broader effort to encourage innovation and support the commercialization of IP in India.

The Path Ahead for IP in India

As India continues to push towards becoming a global innovation leader, the importance of intellectual property will only grow. Dr. Pandit’s insights highlight the critical role that IP protection plays in enabling businesses to thrive in today’s competitive landscape. For entrepreneurs, understanding and utilizing the IP ecosystem is not just about safeguarding their ideas — it’s about unlocking new avenues for growth, attracting investment, and making a mark on the global stage.

At TICE, we are proud to share such valuable insights with our audience. The future of India’s innovation ecosystem is bright, and with the right support and strategies, businesses can harness the power of IP to drive success.

Stay tuned for more updates and expert insights on the evolving business landscape in India.

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