12 May, 2016
Economic growth of a country is technology driven. One of the important factors for the growth of economy is the contribution made by new knowledge which results in the development of newer technologies. It is a very well recognized fact that knowledge alone is not sufficient to be successful in the market. It is the usable knowledge which is protected that will be successful commercially. In other words there is a close link between Industry (creation)-Trade (marketing) & IPR (protection). Intellectual property rights (IPR) is instrumental for encouraging and nurturing creativity and innovation for technological developments and commercialization developed technologies. Thus, to boost the economic growth of India it is very important to identify and protect the IP generated in the country.
Young generation of India is very enthusiastic and innovative but they have limited resources and manpower to sustain in this highly competitive world.
Government has introduced a scheme for Facilitating Start-ups Intellectual Property Protection (SIPP) with an objective to promote awareness and adoption of IPR amongst Start-ups. The scheme is planned to facilitate protection of Patents,
Trademarks and Industrial Designs of innovative and interested Start-ups.
Who Can Apply
Below are the eligibility criteria for Start-up to get services under SIPP:
- It should be Private Limited Company (Under The Companies Act, 2013); or Registered Partnership Firm (under The Indian Partnership Act, 1932); or Limited Liability Partnership(under The Limited Liability Partnership Act, 2008)
- It should not be incorporated prior to 5 years and should not have annual turnover more than 25 Cr.
- It should be involved in production and commercialization of innovative products or processes and it should also create or add value for customers or workflow
- It should obtain certificate from the Start-up Certification Board certifying that the entity is involved in innovative products/processes
Below are the key points of SIPP:
- Fast tracking of patent applications for Start-ups so that they can realize the value of their IPRs at the earliest possible.
- 80% rebate on official fee for filing patent application.
- Panel of facilitators to provide mentorship on protection and promotion of IP Rights and also assistance in filing and disposing IP applications for Startups.
- Government to bear facilitation cost.
The scheme will be launched initially on a pilot basis for 1 year and further steps shall be taken based on the experience.
For further information, please contact:
Manisha Singh, Partner, LexOrbis
manisha@lexorbis.com
