Intellectual Property, Innovation and India
Intellectual Property has been on a growth through the years. Your intangible assets are given equal, if not more importance to that of your tangible assets. Intellectual Property protection has now been involved in the business planning process of a lot of companies and start-ups. The relationship of IP protection with that of India has also seen a steady growth. Creating and developing new brands, processes require extensive research and investment, so it is only fair that the creator of these should have the exclusive rights over them. People are becoming more and more aware of the long-term benefits that can be attained if their Intellectual Property is protected.
Role of Innovation
Innovation is different from invention. Innovation is the whole process right from the idea stage to the implementation stage. It is the complete development of an idea. Innovation, in a way, seeks to deliver new values to the consumers. It is really important to thus understand the necessity to protect your innovation. It can help build your brand in the market and give it the recognition that it deserves. Similarly, technology based innovations can be seen as innovations that produce new products or processes in the market. Some of these can also be improvements to existing processes. These can improve the quality, cost, ease of use etc of the existing product. In India, the IP regime has seen a rapid change in the past decade or so. With the emergence of small enterprises, along with the big companies, the awareness to protect your IP has gained importance. This is so because every enterprise has some new innovation that they want to bring to the market and they want the innovation to be exclusive to them. And the only way to ensure that protection is by protecting their IP. Currently, India stands 3rd highest in the number “Unicorn startups” that it has, it follows China and USA.
Recently, the World Intellectual Property Organisation (WIPO) came up with IP Indicators for the year 2018. This report suggested a huge change in the percentage of IP applications in India. Asia, as a whole accounted for two-thirds of patent, trademark and industrial applications. According to the report, India witnessed a total of 20% increment in its IP applications, out of which industrial designs applications rose by 13.6%, patent filing applications rose by 7.5%, trademark filing applications rose by 20.9%.
Intellectual Property can help facilitate successful innovations. Technology based innovations can reach the market if IP is used in an effective manner and it can really help you build your brand and make it relevant in the market. Even in terms of the legal capacity building of your enterprise, IP helps to provide a strong negotiation position which helps to build new partnerships.