Workshop on Intellectual Properties for Startups: Everything you want to Know

 
On October 13, 2022, ISIM organised a workshop on intellectual properties for startups with the resource person Mr. Govind Sharma, Retd. Chief, National Research Development Corporation, a Government of India organisation, Ministry of Science and Technology, Government of India, New Delhi. Mr. Sharma expressed that when one thinks of setting up a startup, one must look at various aspects of the business, such as the financial resources, competition in the market, and how to go forward with the branding.

Mr. Govind asked the participants to imagine the following scenario: You develop an idea, create a prototype and turn it into a product that customers will buy and investors will back.
Then, perhaps someone else — a former employer, a rival, a contractor you hired — says it was their idea. Or maybe your blueprints leaked, and someone else beats you to market with your invention. But then, you realise you can't prove that the idea, prototype or product is yours.
It's an entrepreneur's nightmare. And yet, it happens all the time, he said.

To avoid such headaches and to take the right course of action when they arise, one must understand how to safeguard "intellectual property", a term that applies to things as diverse as your business plans, algorithms, company name and logo, and customer list.

With the help of numerous examples like the design of chairs, jewellery patents, and toddlers’ sipper, Mr. Sharma explained different kinds of property and property rights. Then he delved into what exactly are intellectual property rights. He also discussed the many forms of IPR, such as patents, trademarks, copyright, etc., and emphasised their significance in deterring others from stealing one's ideas. The speaker further explained the types of patents, i.e. design and utility patents. Finally, the speaker elucidated significant concerns like how to go about discovering if your idea is new or not.

The speaker shared that startups need to defy the odds if they want to prosper. In the face of constant competition, new businesses cannot afford to make mistakes that might have devastating consequences. But if they take steps to protect their IP from the get-go, they can help ensure the longevity and success of their startup. They may also safeguard their company from legal concerns and improve their chances of drawing in investors, partners, suppliers, and other stakeholders.

In conclusion, Mr. Sharma said, "It's about making a difference" …both in your business and the world.
 


 

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