What is Intellectual Property for a Small Business?

Introduction

Small Businesses are an important element of the manufacturing sector, industrial sector, and other sectors in India. Small-scale enterprises cover a wide variety of operations, such as development, service, finance, construction, infrastructure, etc. In view of the ever-growing importance given to small-scale enterprises by the Government of India, they need to be set up in the years to come. Small-scale industries also contribute to the economic growth of the country by contributing to its growing share of national production, jobs, and exports. India's MSMEs are acting in the 21^st century as a force and a spirit of economic development.

For a small business, IPR is often beyond their means and aspirations. IPR can be a challenging domain for the small business to work in without a proper understanding of the subject or training in it.

The Copyright Act; the Trade and Goods Marks Act; the Patents Act; and the Designs Act cover the law on the subject. These are focused primarily on the subject of English law. The legislation is poised for fundamental changes in order to fulfill the Indian Government's foreign obligation under the TRIPS/WTO Agreement.

Intellectual property is divided into the following parts-

1. Patent -  The Patent is a statutory right granted by the Government to the patentee for a period of 20 years following the full disclosure of the invention. It is a monopoly right granted to inventions and processes to be protected. Product patents as well as process patents are granted there. Although the right holder is not entitled by default to produce the patented invention, without the permission of the owner, the holder of the patent has the right to prevent others from exploiting it.                                                                                                                      The statutory requirement that an invention is a patentable invention relates either to a novel product or to a process that is inventive and capable of industrial application. Patents are protected in India under the Patents Act 1970.

2. Copyright - For any literature, dramatic, musical, sound recording, and artistic work, copyright protection in India is available. Registration of such works is established by the Copyright Act 1957. Although the copyright of an author in a work is recognized without registration, it is advisable to register the same because it provides prima facie evidence of copyright in a court of law.

3. Trademark -  A Trademark is a symbol that marks such products or services as those manufactured or supplied by a particular entity or corporation. Words, letters, and numerals may be one or a combination of them.                                                                            Sketches, patterns, three-dimensional signs, such as the shape and packaging of goods, audible signs, fragrances, or colors, such as music or vocal sounds, may be used as identifying features. It offers protection to the proprietor of the mark by guaranteeing the exclusive right to use the mark to identify goods or services or to allow another mark to use the mark as a payment return.

4. Industrial Design- Certain designs are covered by the Designs Act, 2000. By an industrial process that appeals to the eye, the characteristics of shape, configuration, pattern, ornament, or composition of lines or colors applied to any 'article' in two or three-dimensional forms (or both), may be recorded under the said Act. An applicant is eligible to apply for registration in more than one class under the Designs Act 2000, which came into force in May 2001. However, for only one class, registration is granted. In addition, a comprehensive classification of designs conforming to the international regime has been introduced.            IPR for Small Business                                                                                             In today's world, Small Business that uses IPR have become a precious commodity. A quick reflection on the topic seems appropriate; one opinion is that IPR, through technological gains, helps to become more competitive. However, this claim tends to skip over the challenges, difficulties, and uncertainty inherent in inventions and often ignores the fact that the majority of innovations are either not exploited or fail more often than not. In order for innovation to play a role in improving Small Business productivity, it seems to follow that IPR must also play a role in promoting innovation. Small Businesses are also making efforts in India to reap the benefits of the IPR system.

• Preventing rivals from copying or closely imitating the goods or services of a company;

• Reducing wasteful research and development (R&D) and marketing investment;

• Development of corporate identity through a brand and branding strategy;

• Discuss licenses, franchising, or other contractual arrangements dependent on IP;

• To improve the company's marketing value

To know more about What is Copyright Law, see the video -

Need for IPR

The need for strategic advantages and unique selling proposals has long existed, with many operating in overlapping and crowded markets. IPRs provide just that, particularly for companies that operate in the space of production or engineering. Patent, copyright, or trademark filings may prevent other business owners from simply copying an idea and may help them to increase their technological gains. In addition, it can be persuaded that knowledge-based innovations can be just as successful as raw materials or labor-based innovations, and that intellectual research is essential to business success.

To know more about, WHat is Trademark, see the video -

Conclusion

The pillars of the economies of all major nations are micro, small, and medium enterprises. The importance of IPR for small business lies in the fact that through technological gain, IPR gives MSMEs a competitive advantage. Various types of IPR exist, including patents, trademarks, copyrights, geographical indications, industrial designs, trade secrets, integrated circuits, and varieties of new plants. A process consisting of five stages, namely document disclosure, patent quest, patent application, patent review, and patent award, involves the registration of a patent. Small businesses need IPR to prevent rivals from copying or closely imitating the products or services of a company; to establish an organizational identity; to increase the company's market value, and to enter new markets. By coordinating knowledge and sensitization activities at various speeds on a regular basis, IPR can be made more effective.

To know more about Patent Law and its importance, see the given video -

By -

Saumya Krishnani