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Start-Up Tsunami to Hit India Soon- Patent and Other Government Incentives for Start-Ups

BananaIP Counsels > IP for Start Ups  > Start-Up Tsunami to Hit India Soon- Patent and Other Government Incentives for Start-Ups

Start-Up Tsunami to Hit India Soon- Patent and Other Government Incentives for Start-Ups

The image says news as the it is about lastest IP policy for start-ups unveiled recently. To read more click here.

On 16th January, 2016, Prime Minister of India unveiled the Government’s Start-Up policy. The primary objective of the policy is to promote economic growth and employment opportunities. To promote a culture of starting up, the Prime Minister announced the following among others:

  • Three Year Tax cuts for Start-Ups, which are started after March, 2016;
  • Quick start and quick closure of start-ups. It was announced that one can start in a day and close in 90days;
  • Self-attestations for labour, employment and other regulatory compliances;
  • No Government inspections for three years;
  • A start-up fund will be set up to support and hand hold Start-Ups;
  • Several incubators, start-up centres, research parks, and so on, will be set up;
  • Government funding for fast growth start-ups;
  • Facilitation of investments through tax cuts and removal of hurdles; etc.

Patent Incentives for Start-Ups

The following IP benefits have been announced for Start-Ups:

  • Discount of government fee by about eighty (80) percent;
  • Fast processing of patent applications and other applications at Government’s cost;
  • Set up of fund to advise, hand hold and help start-ups with IP and patents specifically;
  • Enable technology transfer and licensing through Government support; etc.

Comment

SiNApSE Team is excited to learn about the initiatives and incentives of the Government, and expects a start-up tsunami during the next three years. With the increase in start-up activity, we foresee:

  • Increased IP filings, especially patent filings;
  • Enhanced IP transfer activity, and improved eco-system for licensing;
  • Increase in litigation and disputes;
  • Enhancement in valuation for IP;
  • Growth of IP Management and related activities;
  • New Technologies for Portfolio Management and other aspects; and so on.

We will keep you posted on further developments.

Contributed with the support of the IP Strategy and Consulting Division of BananaIP Counsels.

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