Patent is the most valuable intellectual property right. A Patent protection essentially provides the right to safeguard an invention for a prescribed period of time. The only requisite for a Patent Application is that the new invention must showcase novelty of the invention, as well as its usefulness. It can be either in the form of a process or in the form of a product. A Patent protection ensures that the invention is protected from being copied. In India, patents are granted as per the provisions prescribed under Patent Act, 1970. A start-up designing a new and novel process and/or product ought to file for a patent application in order to secure the ownership of any such invention.
Importance of patents for Start-ups
Today, start-ups are making dynamic and novel advances in different streams i.e. mechanical, bio-technology, medical, genetics, computer, food etc. The recent ‘Start-up India Action Plan 2016’ by the Government of India emphasizes on enhancing IPR awareness and facilitating registration of patents, trademark and designs by start-up companies. Let us take a glimpse of the importance of patents for start-ups:
- Patent protects ideas from competitors
The business market for start-up companies is extremely competitive and these companies have limited resources. They are completely dependent on their ideas, innovations and inventions which need to be protected in its country of origin and also in foreign countries from the unforeseen infringements from incumbent competitors.
- Patent gives access to funds from investors and financiers
If you have patented your product or process, then the investors will feel secure in investing funds in your venture or project. It facilitates a start-up in attracting venture capital investment from investors or financial institutions.
- Patent can safeguard a start-up from any kind of pilfering of its innovation
A start-up having a registered patent of its innovation can approach the judicial system of India against any theft or infringement of its innovation or invention. With the support of law, a start-up can get injunction on its invention and keep the big rivals away from imitating its idea or process.
- Patent allows a start-up to generate revenue and operate business freely
Start-ups which file the patent early and obtain the Patent grant in time can freely operate their business without any fear of being dominated by the big players. Also, it can focus on expanding and succeeding its business at greater heights.
Challenges and initiatives in patents in India
The process of patent registration is time consuming and involves numerous procedures. There are very few patent examiners in India and hence there is no definite patent examination tenure in the application system. The average number of years involved in granting any patent application is approximately 6 to 8 years.
In order to boost start-up’s confidence and to protect their innovative ideas, the government announced certain facilitation under Start-Up India Action plan, which includes:-
- Special Rebate in Patent costs
- The process of patent registration would be faster for start-up companies
How can MyAdvo help you?
If you are an entrepreneur who intends to start an innovative venture and needs information with regard to patent application or registration, then MyAdvo can provide a universal platform to attain best legal assistance and connect you with best patent lawyers. We shall help you get best advises, optimal legal solutions from different experts with regard to Patent Application Filings, Trademarks, Copyrights, Designs, Start-up India Action Plan, Foreign Patent Applications etc.