Startup IPR in India
Indian government needs to create an environment where investors can invest in new startup technologies to develop IPR in India.
Times of India reports that in a bid to encourage start-ups to patent their technologies, the government has slashed the fee by up to 80% and opened a special (Tatkal) window to expedite clearances for them as well as entities that route their global patent applications via the Indian Patents Office. Applying to the special window will attract up to three times of normal fees. This is the first time the government has opened a window for faster patents along with efforts to speed up application clearing process. Currently, it takes five-to-seven years to clear a patent application and the government is now looking to reduce this to around two-and-a-half years, which would be even lower in case of those taking the Tatkal route.
TOI also reports that the Indian government will put in place a mechanism to help entrepreneurs raise funds by mortgaging patents , trademarks and other intellectual property rights (IPRs) as it looks to implement the National IPR Policy that was cleared last week. The details of the proposed plan to turn IPRs into mortgage-able assets will be done in consultation with the finance ministry and RBI and may require legal amendments. The new policy provides for the creation of a loan guarantee scheme to encourage startups and cover the risk of genuine failures in commercialization based on IPRs as mortgage-able assets.