“A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed"
In today’s world, startups and entrepreneurs are growing more and more. People like to do their new inventions and provide the market with something new which makes their lives easier. Startups help to develop the economy. The importance of startups:
• They provide innovations and they contribute to the development of technology.
• They provide employment opportunities and contribute to economic growth.
• They bring new competition to the economy.
• They help in promoting Research & Development.
In recent years, startups have risen and they have realized the importance of patenting their innovations to have exclusive rights to their inventions and earn profits from them.
KERELA GOVERNMENT TO REIMBURSE PATENT COSTS
Recently, the state government announced reimbursement of the patent costs incurred by startups and students for obtaining national and international patents for their inventions. Under the scheme, to be implemented through the Kerala Startup Mission (KSUM), the government will reimburse up to ?2 lakhs for startups and students securing national patents and up to ?10 lakhs for those bagging international patents.
“This is a scheme that will motivate and encourage startups and student entrepreneurs in Kerala’s robust ecosystem. This comes as a big support, especially for early-stage startups which have developed unique products and are planning to secure patents for their market launch and scaling up,” said KSUM CEO Anoop Ambika.
HOW THIS CAN HELP?
The government helping the people is a great motivation for everyone. Government providing support to startups, inventors and entrepreneurs in getting patents and reducing costs create motivation. This creates motivation in existing startups as well as new startups also.
The number of patent filings had also increased due to this government support and awareness. Major initiatives are:
• Establishment of Centre of Excellence in Intellectual Property
• Providing IP Facilitation Support to MeitY Societies and Grantee Institutions
• Providing Financial Support to Startups and SMEs for International Patent Filing through SIP-EIT Scheme
• IPR Awareness through Financial Support to Industry Bodies and Academia
• Providing Help-Desk services For IPR
• Creation of IPR Awareness through Digital Media
To sustain itself in the competitive world, one of the strategies that startups can obtain is patenting and earning profits by providing licenses. This helps in increasing the country’s GDP also. The state, as well as the central government, is taking initiatives for promoting intellectual property by providing support and creating awareness among people, especially young entrepreneurs.
