India, being one of the developing countries in the world, has come forward a long way in the last few years. Thanks to several initiatives by the current Government of India, businesses and individuals are getting the confidence to take risks and earn higher revenue. According to the famous media professional and founder of Sunshine Digimedia Pvt Ltd (SDPL), Romil Ramgarhia, India is currently going through its most encouraging phase for business owners where innovation is thriving and will only continue to attain higher peaks.
This rise in innovation also helps the rise in patent registration in India. There is an increase of 572%in the number of patents granted in this current time frame of Prime Minister Narendra Modi. Mr Ramgarhia considers this as great scope for start-ups to try innovative ideas and get patents for their innovation.
What Is a Patent?
A patent is a kind of license or government authority for certain intellectual property that allows its owner to enjoy the legal rights to stop anyone else from making, claiming, using or selling that particular invention for a certain number of years. The owner has to publish a public disclosure of that certain invention.
The government will grant the property right for a certain innovation to the inventor. The inventor solely possesses an exclusive right to make, use, sell and claim that invention for a designated period.
Why Are Patents Important?
- Patents safeguard your innovation and make you feel relaxed regarding its rights and unauthorised use in the market.
- Patents are always good for innovation and small businesses when it comes to ensuring steady growth in business.
- Patents help companies to create lucrative market share and margins by increasing the growth level.
- Patent not only increases but also defends your current market share by increasing your credibility as a business or brand.
- Patents provide new sources of revenue to companies by securing financing and reducing the cost of capital.
How Patents Will Lead to the Next Tech Revolution?
India, being one of the most innovative and business-friendly countries, ensures great opportunities for start-ups. According to Romil Ramgarhia, India is already experiencing a start-up boom in technology space, will experience exponential growth over the next 5 years. The current rise in patent registration will help this ongoing tech revolution in India to a great extent. More and more innovative ideas and content will be secured through patents and IPR. From simple software solutions to complex algorithms – innovation will go to its next level with patent protection.
Why is Patent Filing Important for Start-up Businesses?
According to Mr Ramgarhia, patent filing can also be a great product strategy for small or start-up businesses. When they wish to start commercialising a product, they must consider filing for a patent claim. Besides, a patent always raises the market value of a brand and its products. Hence, start-up businesses can enjoy a nice boost in their confidence with the help of patents.
Role of Indian Government
As it has been said earlier, the Indian government plays a vital role in this current growth in patent registration in India. Modi Government has made the process easy, which will also enable start-up revolution and ongoing enterprises to achieve their goals within the shortest possible time. This will have a huge impact on the national economy in long term.
The modern techniques of the Indian government have a special screening method for every patent application to ensure their authentication. These applications are digitally processed to avoid mistakes and make the entire procedure faster than before. Even hearings are arranged via phone calls to avoid delays and long waiting times.
In the past seven years in India, almost three lakhs more patents have been granted than last 75 years before the Modi government has taken the responsibility. According to Mr Ramgarhia, this means businesses and individuals are feeling safer and more confident under the regime of this government.