For small and medium enterprises (SME) and startups, intellectual property (IP) or intangible assets often make up more than 70 per cent of the value of the company. And that is not limited to patents. IP includes the big four types of IP: patents, copyrights, trademarks, and trade secrets plus other types of intangibles like know how, processes, policies. There’s more here, but you get the drift.
If you’re a founder and you put in barrels of blood, sweat and tears to create a logo, a brand a secret recipe, then you must take the extra step to make sure this IP is protected under your name.
We know, it’s a bore and a drag to deal with government agencies. We know you don’t have time; you need to get cracking with attracting customers and gaining exposure with a fancy set of investors.
But as Ennoble IP’s CEO, Shweta Singh says, it’s high time Indian SMEs and startups think about spreading their protection net to cover their intangible assets too. In her work she has seen too many novice businessmen and women suffering the side effects of not being proactive about protecting their IP.
This is why the National Symposium on Intellectual Property Rights for small and medium enterprises (SMEs), and startups has been organized by the Ministry of Small and Medium Enterprises Development Institute (MSME DI), in association with Ennoble IP.
Its clarion call is “Creative India; Innovative India: रचनात्मक भारत; अभिनव भारत” (Rachnathmak India, Abhinav India).
The main objective of this symposium was to strengthen the Indian IP system by making SMEs and startups realize the importance of IP protection for their business.
It’s the entrepreneurial ventures that drive real innovation and growth, thus encouraging creation of new products, solutions, and business models. The country is poised to leapfrog into an era of new ventures across industries on the back of growing aspirations and increasingly supportive policy makers who are beginning to understand that speed and efficiency is a need of the hour for the startup ecosystem.
Developing and protecting IP can help startups and SMEs gain competitive advantage, create an entry barrier and earn additional source of revenue through licensing. It is pivotal to identify these IP assets owned by one’s company and be fully aware of the benefits in obtaining such protection over time. New-age ventures must develop an intellectual property portfolio and have all papers and documentation in order for when the big time investors come calling. Else no legitimate investor will touch you nor will you know how to defend your valuations.
The symposium featured from eminent speakers, Shri Surendra Nath Tripathi, the additional secretary and development commissioner of MSME; Dr. R.K Panigrahi the director MSME DI, New Delhi; the US embassy’s Ms. Shilpi Jha, senior legal counsel for intellectual property for South Asia, and Dr. Usha Rao, assistant deputy controller of patents for the Government of India.
BW Reporters
Regina is a reporter for BW Businessworld. In her previous assignments, she has worked with Independent television Network as a news anchor and reporter in Sri Lanka
