Intellectual Property Rights (IPR) & How To Kick Start Your Start-Up
“Intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time” – WTO
We at Entrepreneurship Cell, Ram Lal Anand recognize the need of IPR protection and thus conducted a workshop on 30th March, 2019 based on:
1. Intellectual Property Rights
2. Entrepreneurship: How to kick-start your start-up
The topics discussed in the workshop were:
•"Patents, Patentability, Prior Art Searches and Finding Status of Patent Applications“ by Dr. Chitra Arvind (Lex IP Care).
• “Entrepreneurship: How to Kick Start Your Startup” Dr. Ashutosh Pastor (Program Manager for BIG and Incubation manager at FITT, Incubation Centre, IIT Delhi).
• "Complete Process of Filing Patents and Government Agencies Supporting Patent Applications from Academia" By Mr.V.K.Jain, Sr Manager, National Research Development Corporation.
• Interactive Session on Filing a Patent (Indian and International).
Dr.Chitra broke our notions about IPR, explained us how trademark, patent and copyright are three different things and also how to file a patent.
While both Copyright and Trademark offer intellectual property protection, they protect different types of assets. Copyright is geared toward literary and artistic works, such as books and videos. A trademark protects items that help define a company brand, such as its logo. Patents prevent others from making or selling an invention, but trademarks protect the words, phrases, symbols, logos, or other devices used to identify the source of goods or services from usage by other competitors.
The workshop also answered a lot of questions related to:
Who can apply for patent in India?
The Patent Act suggests that either the inventor, his assignee or his legal representative (in the case where the inventor is deceased) can apply for patents at the head office of the Indian Patent Office.
What can be patented?
To check if a product is patentable or not, the essence of NIU factor should exist. NIU stands for Novelty, Inventiveness and Utility.
What are the required documents? (Reference from VakilSearch)
Declaration of Inventorship
Complete Specification including Claims, Abstract & Drawings, if any.
Undertaking and Statement by the Applicant
A proof concluding the right to make an applicant.
In case an agent has been authorized to make the application, the letter of authorization shall also be furnished.
In the latter part of the workshop, the audience was given tips by Dr. Ashutosh on how one can kick start a start-up. We were all intrigued by the kind of information that was shared to us by our guest speaker.
He not only broke our conventional mind-set towards start-ups but also told us some eye-opening facts like how money is not important and that in order to get maximum success one should focus on the business idea and building a strong model. This is because one can get capital from anywhere but if one does not have a great idea and a strong business model, then there are instances where start-ups shut down in five years because of weak business model.
There are mainly 5 steps entrepreneurs should take to make way into the start-up world:
Identification of problem
Identification of target customers
Estimation of potential market size
Development of critical skills
Estimation of cost structure