Website design By BotEap.comLegal and business literature, such as books, magazines, blogs, and reports, is replete with detailed writings on intellectual property, intellectual property rights, and related laws, written by experts in that domain. To attempt to write about this vast subject, with its finer nuances, in this forum, intended for entrepreneurs and budding entrepreneurs, would be unthinkable.

Website design By BotEap.comMainly, then, I can only offer a glimpse of that world, which might be relevant to them. On a practical level, one can treat it in two sections, the first one dealing with what constitutes IP and the next one dealing with how IP can be protected.

Website design By BotEap.comIntellectual property is property that can be sold, licensed, damaged, or transferred. It might be worthwhile, at this point, to take a quick look at what IP types encompass and the approximate costs of IPs in India.

Website design By BotEap.comPatents are exclusive rights granted to inventors by the government, which prevent others from using their inventions in different ways, for a certain period of time (usually 20 years). Patent fees, excluding attorney fees, are compulsory to the tune of Rs 3,500 and up, while it takes an average of 5 years to grant. Patents must be renewed annually or full fees can be paid according to the schedule provided.

Website design By BotEap.comCopyright is the protection provided to the authors of original works of authorship in which the form of expression of content is protected, rather than the content itself. These include works of literature, music, art, such as photos, drawings, songs, melodies, performing arts, books, etc. The copyright grant is immediate and lasts for the life of the creator plus another 70 years, and costs Rs 500 and up for different categories.

Website design By BotEap.comThe Geographical Indications (GI) of goods are those that belong to a particular country or a place located in it and is a guarantee of that distinctive quality that comes from that place of origin of the goods. E.g. Kanchipuram sarees. Fees are paid in accordance with the prescribed fee structure.

Website design By BotEap.comApart from the above category of products/services, it is important for new companies to know and understand the meaning of their company’s intangible assets, since 80% of the value of the business resides in these.

Website design By BotEap.comMost people are completely unaware of the presence and value of these assets that comprise know-how, experience, knowledge held by highly-skilled employees, work and life experience, de novo ideas created specifically for the business. by a group of experts to give the company an edge over its competitors, goodwill and reputation, technical drawings, recipes, employee-developed software programs, formulas, written trade secrets, and contracts.

Website design By BotEap.comThese assets are not eligible to apply for patents and copyrights, and have no value outside of the company, but they greatly increase the value of the company.

Website design By BotEap.comHaving familiarized ourselves with the various facets of intellectual property, we move on to the next section on how you can best protect it.