Objective:
Innovation is the bread and butter of startups. Since patents are a way of protecting innovative new ideas that give your company a competitive edge, patenting your product or process can dramatically increase its value and the value of your company.
However, filing a patent has historically been an expensive and time-consuming process that can be out of the reach of many startups.
The objective is to reduce the cost and time taken for a startup to acquire a patent, making it financially viable for them to protect their innovations and encouraging them to innovate further.
Benefits:
Fast-tracking of Startup Patent Applications: Patent applications filed by startups shall be fast-tracked for examination so that their value can be realized sooner.
The panel of facilitators to assist in the filing of IP applications: For effective implementation of the scheme, a panel of “facilitators” shall be impaneled by the Controller General of Patents, Designs and Trademarks (CGPDTM), who shall also regulate their conduct and functions. Facilitators will be responsible for providing general advisory on different intellectual property as well as information on protecting and promoting intellectual property in other countries.
Government to bear facilitation cost: Under this scheme, the Central Government shall bear the entire fees of the facilitators for any number of patents, trademarks, or designs that a Startup may file, and the Startups shall bear the cost of only the statutory fees payable.
Rebate on filing of application: Startups shall be provided an 80% rebate in filing of patents vis-a-vis other companies. This will help them pay costs in the crucial formative years.
Registration Process & Documents
You should reach out to an appropriate Facilitator – depending on your desired sector and the jurisdiction of the facilitators – for up-to-date information about the process and required documents for a patent or trademark application.
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