Protection of Intellectual Property Assets – Key to Success of Startups
In today’s rapidly advancing era, every new day rises with many innovative businesses. However, quite often, only a few of them can attain fruitful outcomes. It is due to many reasons that result in shutting down or inappropriate functioning of a corporation. If you are also planning to start a business, then be cautious. But there is no need to worry as many investors, innovators and even the government, are making efforts and finding ways to facilitate the progress of budding Indian businesses. The main cause found impacting startups’ success is that they overlook the safety of Intellectual Property (IP) while making initial plans that involve other vital priorities & demands. But, IP is what can take them on the path to the success of their startups.
An introductory search relating to IP assets like trademarks, patents, designs, and copyrights sounds effective in providing entrepreneurs with a clear insight into the possibilities of their businesses’ triumph. For example, the entrepreneur will get the idea of whether a similar trademark or patent, which is the foundation of his business already exists or not. This idea will then help him to make the necessary modifications in advance, thus avoiding future conflicts.
Benefits of Intellectual Property Protection
Protecting IP assets is beneficial in many ways as it:
- Bestows businesses with legal security
- Saves companies from the future litigations
- Allows entrepreneurs to organize their resources for brand growth
- Enables companies and firms to focus on branding their products and services without any hassle.
Many times, people ask IP attorneys to safeguard their business concepts or ideas, which seem a bit impossible. However, a deliberate IP protection strategy can help them to grow their business without any fear as it prevents others from copying their business models.
Besides legal, there are many other aspects where IP holds remarkable importance. The most noticeable one is that businesses can monetize and use it as a security shield during challenging phases. Some avenues where monetization of IP is possible are as follows:
- Earning royalties
By giving startups the confidence to demand a premium price for their products and services, robust IP protection serves them with an edge in the present competitive market. Furthermore, it is the strength of the IP portfolio of startups that influences investors’ decisions while raising funds.
The government of India also made efforts to bestow the new firms with a favourable and motivating ambiance. It started a scheme to facilitate Startups’ Intellectual Property Protection, also known as SIPP. As per this scheme, the Startup Certification Board will give the certification to any startup if:
- It has an original business model
- Its registration or incorporation in India is less than seven years old
- Its annual turnover isn’t exceeding an amount of ₹250 million in any accounting year.
Benefits of availing certification from the Startup Certification Board
The enterprise that attains the certification from the board is eligible for many benefits such as:
- Full assistance from facilitators who are accountable for giving general advice, filing prosecution of applications associated with patents, designs, and trademarks.
- Provisions to fast action in response to patent applications
- Preferential fee for IP application
- Fixed facilitator’s fee with no professional fee involved in engaging an IP attorney
We live in an age where competition is increasing at a rapid pace, thus making it more challenging for startups to achieve success. Since budding businesses are more vulnerable, the owners should prioritize Intellectual Property Protection in the initial stages so that they can start securing the businesses right from their inception. Underestimating the need for IP protection due to its cost appearing as optional expenditure could affect the corporations in the long run. So, it is essential to be meticulous. Although the government has taken initiatives regarding the cost concerns, the enterprises are themselves responsible for exploiting or maintaining the current IP assets. For more visit: https://www.kashishipr.com/