Start-Up Tsunami to Hit India Soon- Patent and Other Government Incentives for Start-Ups
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.
For further information on IP Audits , write to [email protected].Our experts will respond to you at the earliest.
Download SiNApSE Android App on your mobile for IP News and updates for businesses