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.
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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