An intellectual property rights strategy is an effective instrument that can facilitate a successful business. Intellectual Property Rights themselves are important for determining the success of a business. In this scenario, the significance of intellectual property rights for a startup cannot be over-emphasized. More often than not, startups are hotspots of innovation and emerging technologies. Streamlining the system of protection of their innovations will be an important value addition to their business strategy.
Intellectual Property Rights may be in the form of Patents, Trademarks, Design or Copyright. In whatever form, IPR can be capitalized upon to improve the finances as well as the credibility of a company in the economy. IPR is intangible property. This means that care must be taken to protect these invaluable assets at the inception of the business. Recognizing this, in India, the Government launched the Scheme for Facilitating Startups Intellectual Property Protection (SIPP). The object of this scheme is to nurture the creativity and innovation of startups, promote awareness and encourage the protection of IPR among startups.
The Starting Point:
After the creating a startup, what must be done insofar as IPR is concerned?