Trademark and Patent under Startup India
Trademark & Patent under Startup India Initiative
Intellectual property rights (IPR) awareness is fast rising in India and the Government of India in the Startup India Action Plan 2016 has recognized the importance of promoting intellectual property rights awareness and registration. Major thrust has been given for facilitation, protection and registration of trademarks, patents and designs by Startups and in this article, we look at the major incentives for registration of trademark and patent under Startup India initiative aimed at transforming intellectual property filing and registration.
Importance of Trademark, Patents & Designs for Startups
Trademark, patents and design registration play are an important intangible asset for any Startup as it enhances valuation and competitiveness. Startups with limited resources can thrive and compete against established players only through innovation and protection of its intellectual property rights. Hence, the Startup India Action Plan has laid out various measures for facilitation, protection and registration of trademarks, patents and designs by Startups.
Patent Filing Fee Rebate for Startups
As per the Startup India Action Plan 2016, startups would be provided an 80% rebate in filing of patents when compared to other companies to help them pare costs in the initial years. The scheme for rebate on filing fee is being launched on a pilot basis for 1 year, to be extended based on the experience gained.
Fast Track Patent Application Processing
The valuation of an innovation and startup rises immensely after obtaining patent registration for unique innovations. Hence, to enable the fast registration of patents and afford intellectual property rights protection under the Patent Laws, the Government through the Startup India initiative has announced fast track examination and disposal of patent registration applications, so the value of the intellectual property can be realized and protected at the earliest.
Facilitation of Trademark, Patent and Design Registration
In the Startup India Action Plan, empanelment of a panel of facilitators to assist in filing of patent, trademark and design registration has been proposed. The facilitators will provide assistance in advising, filing and disposal of the intellectual property registration relating to patent or trademark or design Act, including appearing on behalf of Startups at hearings and contesting opposition, if any, by other parties, till final disposal of the IPR application.
The Startup India Action Plan has proposed that the Central Government would bear the entire fee of the facilitations for any number of patents, trademarks or designs that a Startup may file, and the Startups would bear the cost of the statutory fee payable only. It is proposed that the Controller General of Patents, Designs and Trademarks would empanel the facilitators and also regulate their conduct and functions.