90% of Indian start-ups fail within five years of inception. The scariest nightmare for an innovator in the fading vision of the promised land when a competitor appears on the horizon and quickly snatches away the market.
90% of Indian start-ups fail within five years of inception. The scariest nightmare for an innovator in the fading vision of the promised land when a competitor appears on the horizon and quickly snatches away the market. European Union conducted a study recently on “Intellectual property rights and firm performance in the EU” that confirms the strong, positive relationship between a company's ownership of different types of IPRs and its economic performance. For example, SMEs with patent ownership are found to have 36% higher revenue per employee and 53% higher wages; SMEs with registered design is found to have 32% higher revenue and 30% higher wages, and SMEs with registered trademarks appear to have 21% higher revenue and 17% higher wages. Incidentally, it is found that revenue per employee and wage level are two key factors indicating a company’s performance. Protecting one’s IP is highly crucial in today’s time when there’s cut-throat competition in the market.
Advantages of having Strong Intellectual Property Rights for a Start-up
For a new start-up stepping into the market for the first time without delving deeper into the marketing trends and analytics, can be very challenging. Start-ups launch their new innovative products and start from scratch but often they fail to recognize the potential of having strong IP assets in hand, as a result, this negatively affects their business which eventually leads to their downfall. There are several benefits of protecting one’s IP assets, these are mentioned below: -
Having strong Intellectual Property Rights can help in gaining a competitive edge in the market. This is very important for a start-up that is still in its budding stage.
Registering one’s trademark, logo or designs can be very helpful for a start-up because it will further protect it from expensive infringement suits, because expensive and ex
orbiting suits can cost a lot of money which is nearly impossible for a new venture to afford.
IP protection provides stability and security and eventually helps in attracting potential investors to invest money in the newbie start-up.
Patents and Start-ups- Needs and Benefits
The patent is one of the most important intellectual property rights. Although they may be costly and registering them can turn out to be a cumbersome process but they provide unparalleled protection. When a start-up patents its invention, it opens the gateway for unexplored opportunities and also broadens its financial perspectives. Registering patents is important for a start-up which can further increase a start-up’s value. Patentable ideas are crucial for marking the success of a start-up business. Patent grants an exclusive authority over the invention which eventually protects it from exploitation. A fact patent is valid for 20 years in India.
The Indian government has provided numerous benefits and advantages for start-ups when it comes to registering patents. These are fast-tracking patent examinations at subsidized costs, various incentives, and schemes for smooth registration of patents for a start-up, IP facilitators for filing of patents, etc.
Documents Required for Patent Application by the Start-Ups
Following documents, a start-up will require if it wants to file a patent application for patent registration.
Title of the invention or the start-up
Description of that specific invention and identification documents of the inventor. It can be anything ranging from a voter id card to a driving license.
Looking for Availing Professional Help?
Patent registration and filing is a complicated and time-consuming process. It’s not a layman’s cup of tea. Professional assistance is required for filing the patent application for the start-up. Your idea deserves and needs an IP professional who carries decent experience to provide minute details related to patent filings and perfectly scrutinize the details required to be included in the patents such as drawings, illustrations, explanations, etc.
For speedy filing of patent applications and for ensuring smooth patent registration at affordable costs in less time, OctaneIQ is the best stop for you.
OIQ connects you with the best professionals, who are esteemed members of the OIQ community who can help in smooth and seamless due diligence related to patent filings, help you design the road map for your patent journey, and provide you with thorough prior art and market searches and give your idea a smooth head start towards its IP rights.
