Title- IP: The X-factor in success of Startup

Date and time: 12/5/2020, 11:30 AM

Link:http://www.facebook.com/story.php?story_fbid=571204933522478&id=101029804619175&scmts=scwspsdd&extid=UlzGMrhcD090vabt

Speaker: Ms. Gopi Trivedi (T.J. Trivedi & company)

Moderator: Mr. Hiranmay Mahanta (SSIP Initiative)

Summary:

Albert Einstein said "imagination is more important than knowledge as knowledge defines all current knowing and understanding but imagination points to all might within the unknown." IP is the way to make one's imagination turn reality and granting legal rights to this innovation. IP which is an acronym for intellectual property. This property is tangible in nature, to use it in a profitable way one has to go for IPR (intellectual property rights), which provide proprietary over his idea. These includes benefits to owner of that intangible property, such as:

It generates royalty for owner, it becomes part of generating revenue, it's part of strategic tool to enhance one's business, valuation of companies increases with IPR rights, it can be transferred to other, it  becomes mopoly of one, It is territorial and it is granted for exclusive rights for certain years which gives exclusive monetary benefits to one, it can also be inherited, IPR holding companies has benefit of confidence in market, customer trust in companies with IPR increases. There are different types of intellectual property which are as follows:

(1)Patent : it can be defined as a combination of idea and innovation. 

• Patent is protected by different acts of the Government of India.

• It is tangible in nature.

• When one startup applies for a patent he enjoys certain benefits as mentioned in above summary.

• To file a patent one needs to have (1)novelty in solution along with (2)innovative steps in achieving outcome, these two have to be in harmony with (3)industrial applicability. So a startup having thought of a solution for any problem, and this solution is applicable to above 3 mentioned parameters then he surely can file for a patent.

• There are some exceptions for patent granting in India which includes: traditional knowledge related ideas, atomic energy, immoral and non scientific principles, violation of established law. On these matters no patent is granted.

• Patent grant gives judicial remedy to the owner of that patent.

• There is a valid example where Israel is planning to file for a patent for newly discovered Monoclonal antibodies for cure of Covid19 before sharing such medicine to the world.

• It grants monopoly on innovation for a time period of 20 years.

(2)Copyright: it can be defined as a combination of idea and expression.

• It is awarded to the original creator of the work.

• It includes computer programs, literary work, artistic work, films and movies,musical compositions, advertisements, maps and databases as well.

• It is granted for the span of 60 years from the date of it's filing.

• One classic case of showing the importance of having copyright is Krazzy 4 vs Ram Sampath.

(3)Trademark: it can be defined as a combination of idea, quality and identity.

• It is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others.

• God, religious symbols, Flag of nation cannot be granted as trademark to anyone.

• It is granted for 10 years.

• As trademark rights provide goodwill to customers, confidence boosts the market, enhances brand name in Market so it is important for one company to have.

• Design: it can be defined as a combination of idea and appearance.

• It is defined as the appearance of the whole or part of the product including texture and other things which are to be judged by eyes.

• It is granted for a time span of 5 years.

• As design rights provide exclusive use to proprietors and such case was with whirlpool company's washing machine design was used by others and it resulted in monetary benefits of the first one.

(4)GI Tag: this is an acronym for geographical indication.

• A geographical indication is a name or sign used on products which corresponds to a specific geographical location or origin.

• Examples are Hafus mangoes, Patan's patola. Kolhapuri chappals.

• A GI tag is granted to a group of people or to a co-operative society as it represents the whole geographical location.

• Individuals are not granted this right as granted in others.

(5)Apart from these,  there are some other types of IPR as a "Trade secret", which is not provided in India and the best example of it is coca-cola. Another is "Semiconductor layout design" which has small penetrations in India but we are improving it with government intervention.