The “StartUps Intellectual Property Rights Protection” scheme is intended to foster innovation and entrepreneurship, according to Jitendra Singh, the union minister of state (Independent Charge) for science and technology.
In his speech to the “National Intellectual Property Festival,” Singh predicted that industry connections and the filing of intellectual property rights (IPR), such as patents and trademarks, by startups will spur innovation and inspire business in India.
According to him, the programme calls for a 40%–50% rebate on enterprises and conventional industries, as well as an 80% rebate on patent filing. “You can pair the StartUps, for example, you have the Mudra scheme, which offers you a loan of 10 to 20 lakhs without any gratuity, mortgage, and almost interest free,” he said.
The government established the entrepreneurs Intellectual Property Protection (SIPP) programme to promote entrepreneurs’ inventiveness and originality. Startups have received a 50% filing fee discount under the new trademark rules as compared to other businesses.
The government has decreased filing and prosecution fees for small organisations, even to encourage the registration of Industrial Designs by StartUps in accordance with the new design modification rules 2021. According to Jitendra Singh, by institutionalising this method, we can gain an advantage in industries like Khadi, Aroma Mission, and lavender farming. He urged for merging the digital storehouse of traditional knowledge and history with current scientific innovation.
“I am confident that this is one of the best and most ideal moments in history. If we are enrolled in this StartUp IPR protection, we also have the benefit of being able to support our StartUp endeavours with our traditional knowledge, which does not occur as regularly as it could here. And if we accomplish that, we’ll have an advantage over other nations, he continued. Senior scientists and officials from the CSIR and DST were present, along with Rajesh Kumar Singh, secretary of the DPIIT.
