Intellectual Property Rights and MSMEs: Bridging the Gap
The Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in adding to the growth and success of a country’s economy. However, when it comes to the protection and management of their strategies and ideas, they often lose out. Hence, there is a dire need for emphasizing Intellectual Property Rights (IPRs) that can safeguard the innovations and creations of MSMEs in the present highly competitive global economy.
MSMEs may get attracted to several elements of Intellectual Property (IP), including trademarks, trade secrets, etc. Nevertheless, as per the MSME’s perspectives, some IPs sound more relevant than others to protect their assets. For instance, a trademark that is known for securing the unique identity of any product or service can be an important IPR to prevent misuse of name, logo, or other assets of MSME. It is an IP that gives a unique identity to any product and helps its producer to gain credibility, which ultimately bestows him with monetary benefits. On the other hand, MSMEs whose business models depend on new and unique designs that are not already available in the market need IPR to protect their original designs. As the requirements vary according to the assets and MSMEs, it is imperative to understand and then implement the IP Protection.
Sources of IP Awareness
One of the best ways to get information about IP is through IP awareness programs. Considering that IP has become an integral part of several businesses, many institutions such as the National Institute for Micro, Small and Medium Enterprises, Intellectual Property Facilitation (IPFC), Confederation of Indian Industry (CII), National Institute of Intellectual Property Management, etc., emphasize providing IP awareness programs. Interactive seminars, workshops, short and long-term training, are some of the programs that these institutions organize to familiarize MSMEs about IP.
Need for Appropriate IP Framework
With the emergence of multiple new products and brands on an everyday basis, it is persistently turning crucial for MSMEs to be aware of the protection available for their innovations. In today’s competitive era, everyone wants to make profits and stay ahead of others. Intended to achieve these goals, many big companies in the market don’t hesitate even to ruin the small or medium enterprises. Therefore, having a proper IP framework is crucial to MSMEs; otherwise, there are possibilities that they would lose the game in the hands of such big players.
Besides enabling the MSMEs to defend their innovative works, a proper IP management framework can enhance their reputation in the eyes of potential investors and consumers. As the strategic utilization of IP rights and assets cannot just raise the brand’s value but also upsurge its competitiveness, MSMEs must comprehend the significance of safeguarding their business with IP. Note that like physical assets, IP assets also need to be valued and maintained.
The Present Scenario
In the present times, as MSMEs contribute to around 45 percent of the total shipments and over 50 percent of the overall manufacturing sector of India, they are emerging as a great source in the growth of the Indian economy. To continue adding to the country’s economy by preventing legal issues like trademark infringement, etc., MSMEs have to walk with a shield of IP protection. Assuredly, due to the high costs and other things related to obtaining and implementing IP rights, the IP system appears a bit complex. However, if acquired after understanding the complete concept, there will be nothing that can prevent the large chunk of the MSMEs from appreciating IP and its protection. Hopefully, you have understood the significance IP has in the fruitful running of MSMEs. So, if you also own a small or medium-sized enterprise, act smartly and keep your business protected by covering it with a strong IP portfolio. For more visit: https://www.kashishipr.com/
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