To remain competitive in today’s economic landscape, Intellectual Property Rights (IPRs) have become an essential business tool for any company. Start-
ups, particularly with limited resources and staff, must prioritize IPRs to ensure their survival in this cutthroat environment Start-ups need to be aware of their Intellectual Property Rights (IPRs) and keep innovating & developing. To this end, the Start-up Intellectual Property Protection Scheme (SIPP) was
established to enable protection of Patents, Trademarks & Designs created by innovative Start-ups.
The SIPP program offers a great opportunity for start-ups to enhance their knowledge about IPR and its adoption. This scheme is specially designed to
guide, mentor and support new & developing technologies of start-ups, helping them to protect & commercialise them with access to superior IP services &
resources.
Start-ups in India may be eligible for a 50% reduction in the Trademark Application Fee, as laid out in the Trademark Rules of 2017. This measure is intended to reduce expenditure for small businesses and make it easier for them to comply with legal requirements such as trademark registration.
Who are eligible to apply?
The Start-up Innovation and Prototype Program (SIPP) allow businesses registered in India within the past 5 years to apply for accreditation from the
Start-up Certification Board if they can prove their innovative business model. Once approved, they’ll be able to join the program and benefit from its services.
Small businesses with an annual turnover of less than INR 25 crores in the previous financial year, who are endeavouring to innovate, develop, deploy or
commercialize new products, processes or services driven by technology or intellectual property can benefit greatly.
To classify a business as a start-up, it must not be derived from any existing enterprise and its preceding fiscal year’s turnover should not exceed 25 crores
INR. If it has already been 5 years since the date of incorporation, then it no longer fits the definition of a start-up. Moreover, a fledgling company will be
able to reap the advantages of this plan only upon successful certification by the Start-up Certification Board.
Facilitation of Trademark Registration: –
The Start-up India Action Plan has proposed the appointment of a panel of facilitators to assist with the process of trademark registration applications. This will help to ensure that things are done in an efficient and accurate manner. Facilitators can help Start-ups with all aspects of their Intellectual Property registration process, from advice and filing to disposal. They can even represent the company in hearings or opposing other parties if necessary. Ultimately, this
process will be completed for each application successfully.
Why Trademark registration is important for start-ups?
- Legal Representation: – It will help to protect company’s intellectual rights. If someone were to misuse a company’s trademark, the firm would have the legal right to take appropriate action.
- Profitability of the company is increased: – Consumers are often drawn to a company’s brand because of its attractive design or colour scheme. A professionally-designed logo is extremely important in the digital age, and can be an integral part of any brand’s success.
- Improved brand image and goodwill: – Creating a unique and attractive logo, graphic or text to showcase the distinct features of the product is an effective way to increase its visibility and appeal. It could be a great addition to your marketing strategy.
In conclusion, the tremendous growth experienced by start-ups in India is largely due to different government strategies and legal frameworks that offer
incentives for businesses. This has been especially true in recent years. The government has reduced the costs of trademark registration to help small and
emerging businesses. This not only lightens their financial burden but also ensures that their intellectual property rights are safeguarded from any potential
misuse or infringement. Trademark registration not only provides start-ups with a safeguard for their unique ideas and creations, but also gives them the option to take legal action against any third party that violates it. This acts as an additional layer of security to the intellectual property rights they hold. We
highly encourage start-ups to acquire Trademarks and other IP registrations while taking advantage of the discounted fees given by the government.
By Surbhi Singla
Trademark Attorney – Lawgenix Legal Geniuses