Protecting the Industry Firsts is Imperative

While there has always been ways to regulate infringement on intellectual property over the course of human history, not until late 20th century did the concept acquire prominence and indispensability. Patents form an integral part of the modern methodology to prevent discoveries and inventions from being made, sold, or imported by others for a limited period of time, in exchange for the public disclosure of the finding or innovation. Trademark is an offshoot of the same concept which offers a symbolic way to denote and identify a product/service by its source. As patent filing and trademark registration mandates onerous procedures, a host of consultant companies have taken form to assist inventors and business persons in these areas.

Intellectual property rights (IPR) awareness is fast rising in India and a couple of years ago, the Government of India had recognized the importance of promoting intellectual property rights awareness and registration via the Startup India Action Plan. Major thrust has been given for facilitation, protection and registration of trademarks, patents and designs by Startups. The most recent development is that the Delhi High Court has created an Intellectual Property Division (IPD) to deal with all matters related to intellectual property rights (IPR) as the Tribunals Reforms (Rationalisation and Conditions of Service) Ordinance, 2021 has led to the abolition of various boards and appellate tribunals which existed under different laws governing IPR.

Startups or otherwise, trademark, patents and design registration play are an important intangible asset for any product based firm as it enhances valuation and competitiveness. Businesses with limited resources can thrive and compete against established players only through innovation and protection of its intellectual property rights.

This edition brings to light the enablers who have assisted business to have a fair chance at the market empowering them to make their way through the cut throat competition.