ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
Available Online: www.ajeee.co.in/index.php/AJEEE
Vol. 06, Special Issue 04, (ICESD-2021) June 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 23 MAGNITUDE OF INTELLECTUAL PROPERTY RIGHTS FOR INNOVATIVE
BOOTSTRAPPING ENTREPRENEURS Ms. Aishwarya Trivedi
Student, School of Economics, D.A.V.V, Indore Prof. Ankur Sodani
Assistant Professor, St. Paul Institute of Professional Studies, Indore
Abstract - Intellectual property rights are the rights offer to person or institution over the creations of their minds. They usually give the creator an explicit right over the use of his invention for a certain period of time. It provides legal protection and offers them consideration of their job. Innovation is life line for any bootstrapping entrepreneurs because in today’s competitive world innovation is a shield as well as sword. Creativity, skills, innovation and imagination are the true instruments for survival, earning and growth of any new start-up. Through this research paper we would like to explicate about intellectual property rights and its various dimensions and multiple issues encounter by bootstrapping entrepreneurs.
Keywords: Intellectual Property Rights, Bootstrapping Entrepreneurs, Innovation, WIPO.
1 INTRODUCTION
The term Intellectual Property and Intellectual Property Rights are the two different terms but people often get confused between them. The term Intellectual property (IP) refers to creations of the mind, such as inventions; literary, artistic works, literary and invention;
designs; and names, symbols and images used in commerce. They are often intangible in nature but usually stored in fixed tangible medium like CD, Computer chip etc. The term Intellectual property right means a legal right covering IP for example, an invention and an original work of authorship are intellectual property and protected by the intellectual property right called "patent" and "copyright". In other words we can say that an invention is IP and his registration with govt. is IPR. Intellectual property rights play a very crucial role in every sector of an economy. They are very important for the protection of one’s innovation and creative ideas. Also, encourages bootstrapping entrepreneurs to take creative initiatives in this competitive era. Innovation in anything is about coming out with something new and extra-ordinary by using ones skills and knowledge. We are living in 21st century where of course we already have many alternative solutions to problems but coming up with something new and more unique which would increase the efficiency gives rise to an innovative or creative idea and the need to protect such innovations. This protection can only be done through IPR.
1.1 Types of Intellectual Property
1. Copyright- It is a legal term used to describe the rights that creators have over their literary and artistic work.
2. Patent- It is an exclusive right granted for an invention. a patent offers the owner the right to decide how - or whether - the invention can be employ by others.
3. Trademark- It is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises.
4. Industrial design- It constitutes the ornamental or aesthetic aspect of an article.
5. Geographical indications- Geographical indications and appellations of origin are signs used on goods that have a specific geographical origin and possess qualities, a reputation or characteristics that are essentially attributable to that place of origin.
6. Trade Secrets- Trade secrets are IP rights on confidential information which may be sold or licensed.
1.2 The World Intellectual Property Organisation (WIPO)
It is one of the 15 specialized agencies of the United Nations. Pursuant to the 1967 Convention establishing the World Intellectual Property Organization, Headquartered in Geneva, Switzerland. It is a global forum for Intellectual Property (IP) policy, information, services and cooperation. It is a self-funding agency of the United Nations with 193 States
ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
Available Online: www.ajeee.co.in/index.php/AJEEE
Vol. 06, Special Issue 04, (ICESD-2021) June 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 24 as members. It helps not only businesses but also governments and society in realizing the benefits of IP. The Director General of WIPO is from Singapore Mr. Daren Tang.
2 LITERATURE REVIEW
Dean Baker, Arjun Jayadev and Joseph Stiglitz (2017), As per their research paper titled Innovation, Intellectual Property, and Development: A better set of approaches for the 21st century .Intellectual Property rights are a social contrivance. Like other property rights, they are subject to a certain set of limitations and restrictions. Intellectual Property Rights are not an end in themselves but only a means towards greater economic welfare for all. A substantial adaption of the international approach to IPR is must to ensure the advancement of the standards of living and well-being of the entire world—and to ensure consistency for the objective of development.
Lalit Jajpura, Bhupinder Singha and Rajkishore Nayakb (2017), According to researchers a for knowledge based economy, IPR are very much essential for progressive development of society. The IPR is basic necessity to be a part of competitive trade as without dissemination of IPR knowledge and implementation. Creating the innovative environment is really impossible without the effective law over IPR. It is essential for policy makers to include IPR in basic educational system and promote IPR registration by encouraging the entrepreneurs. India is having all the resources in terms of available raw material, cheap manpower and innovative ideas only think required is to harness its proportionate share in global trade by exploration in Intellectual Property Rights.
2.1 Intellectual Property Rights and Innovation
Inventions are the substratum of innovation. Inventions give a new solution to any problem which can be protected through patents. Patents protect the interest of investors whose technologies are truly groundbreaking and commercially successful by ensuring that an inventor can control the commercial use of their invention. The holder of a patent gets the right to prevent others from making, selling, retailing or importing that technology. In this manner one can protect its innovation. According to the reports, India ranked in top 50 nations in the Global Innovation Index 2020.
India Innovation Index, 2019 has been released by NITI Aayog on October 17th 2019.
The index highlights that Karnataka is the most innovative state in India. However, Telangana, Tamil Nadu, Haryana, Maharashtra, Uttar Pradesh, West Bengal, Kerala, Andhra Pradesh and Gujarat are among top ten in the list.
Risk and occasional failure are the lifeblood of the innovation economy. IP rights incentivize entrepreneurs to keep pushing for new advances in the face of adversity.
IP rights facilitate the free flow of information by sharing the protected know-how critical to the original, patented invention. In turn, this process leads to new innovations and improvements on existing ones. To promote innovation government has launched a great scheme called “START-UP INDIA”. The campaign was first announced by PM during his 15 August 2015 address and Launched on 16th January, 2016. Its main objective includes working towards innovation, development, improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
Government of India has allocated the fund of Rs. 10,000 Cr. for innovation and start-up development in the country under this scheme.
In order to be effective, IP rules should encourage innovation and creation that will be relevant to the social and economic development of the country concerned. If IP protection in a country predominantly benefits foreign firms that undertake research and production abroad, it would not encourage innovation and creation to respond to the social and economic development needs of the country, and could stifle domestic innovation.
The revenues generated from commercially successful patent-protected technologies make it possible to finance further technological research and development (R&D), thereby improving the chances of even better technology becoming available in the future. A patent effectively turns an inventor’s know-how into a commercially tradable asset, opening up opportunities for business growth and job creation through licensing and joint ventures, for example.A patent can help stop
ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING Peer Reviewed and Refereed Journal, ISSN NO. 2456-1037
Available Online: www.ajeee.co.in/index.php/AJEEE
Vol. 06, Special Issue 04, (ICESD-2021) June 2021 IMPACT FACTOR: 7.98 (INTERNATIONAL JOURNAL) 25 unscrupulous third parties from free riding on the efforts of the inventor.WIPO’s Patent Cooperation Treaty (PCT) is designed to make the process of obtaining patent protection easier and less costly.
3 UPCOMING CHALLENGES IN IPR AND WAY FORWARD
Inadequacy of the regulations, lack of awareness and the absence of an effective control or check on the proceedings are issues that continue to plague the regime of IPR in India.
Promotion of patent literacy has been considered to be a crucial factor in fostering an environment regulated by Intellectual Property Rights but will still be conducive to innovation and development. Patent rights in India can be enforced through civil courts.
However, there are no special IP courts set up to deal with cases and issues related to violation and disputes of IPR. Since it has been observed that lack of awareness is one of the biggest challenge, initiatives have been taken not only by WIPO but by govt. also to spread awareness regarding IP and IPR. On April 26, every year we celebrate World Intellectual Property Day to promote discussion of the role of IP in encouraging innovation and creativity. Tools for Public Outreach are free resources to assist IP offices and organizations in planning and implementing public campaigns to build better understanding and use of IP. The awards program helps the member states foster a culture in which innovation and creativity are celebrated. All nominations are submitted through national IP offices. Govt. organise many awareness campaigns, seminars and workshops too.
4 CONCLUSION
Through the medium of this research the divergence between IP and IPR are clear. It is a multidimensional task and calls for many different actions and strategies which need to be aligned with national laws and international treaties and practices. This research also took a deep look into innovation, role of WIPO, government initiatives for spreading awareness and encouraging bootstrapping entrepreneurs, we also examined the challenges in contemporary world regarding IPR and innovation. Intellectual property rights are monopoly rights that grant their holders the temporary privilege for the exclusive exploitation of the income rights from cultural expressions and inventions. In current scenario IPRs have become the talk of the town and a hot topic as strong and enforced intellectual property rights protect consumers and families. Earlier IPR didn’t have much recognition but recently it is getting the recognition it deserves and changes in current scenarios are visible too. We can conclude that granting IP right is the only way to give assurance and provide security to one’s creativity from copy, theft etc. By this more and more original and fresh work will be visible and will help in development of the country.
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