Govt increases remunerations of IP facilitators for startups
The government has significantly raised remunerations for intellectual property (IP) facilitators, who help startups file patents, trademarks and design applications, an official said on Thursday.
The government has significantly raised remunerations for intellectual property (IP) facilitators, who help startups file patents, trademarks and design applications, an official said on Thursday.
The Start-Ups Intellectual Property Protection (SIPP) scheme of the commerce and industry ministry facilitates startups in filing and processing their patent, design or trademark applications through the assistance of IP facilitators, whose fee was borne by the Office of the Controller General of Patents Designs and Trademarks (CGPDTM).
"The financial assistance of IP facilitators or IP Mitra remunerations have increased 4x," CGPDTM Unnat Pandit told reporters here.
IP Mitra can help the intended entrepreneurs in a variety of ways. They can provide assistance in filing, support and facilitate in the processing of IP applications along with expert advice on various legal aspects of Intellectual Property.
Click Here For Latest Updates On Stock Market | Zee Business Live
They can also help to broaden the startup's IP portfolio and enable stakeholders to new ventures in the IP world through their experiences and skills. At present, there are 492 facilitators.
The move would help the facilitators to provide quality services to startups in order to increase the number of IP (intellectual property) applications filed by startups.
For patents, fees at the time of filing of application have been increased to Rs 15,000 from Rs 10,000 earlier. At the time of the final disposal of applications, fees have been increased to Rs 25,000 and if there is opposition, then they will get Rs 35,000.
To protect and promote the IP rights (IPR) of startups and to encourage innovation and creativity among them, the government launched the SIPP scheme in 2016.
Startups are provided an 80 per cent fee rebate in filing patent applications and a 50 per cent fee rebate in filing trademark applications. In addition, there are also provisions for fast-track examination of patent applications.
Patent applications filed by startups have increased from 179 in 2016-17 to 1,500 in 2021-22. Similarly, trade mark applications rose to 8,649 in 2021-22 from only four in 2016-17.
Also, read- Budget 2023: What is Finance Bill and how is it different from Money Bill?
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Rs 3,500 Monthly SIP for 35 years vs Rs 35,000 Monthly SIP for 16 Years: Which can give you higher corpus in long term? See calculations
SCSS vs FD: Which guaranteed return scheme will give you more quarterly income on Rs 20,00,000 investment?
Power of Compounding: How long it will take to build Rs 5 crore corpus with Rs 5,000, Rs 10,000 and Rs 15,000 monthly investments?
SBI 444-day FD vs PNB 400-day FD: Here's what general and senior citizens will get in maturity on Rs 3.5 lakh and 7 lakh investments in special FDs?
07:52 AM IST