Indian Government launches SIPP, an initiative to foster innovation & entrepreneurship
The Indian government has launched the ‘Startups Intellectual Property Rights Protection’ (SIPP), which is an initiative to promote innovation and entrepreneurship in the startup ecosystem. SIPP aims to safeguard the intellectual property rights (IPR) of startups and provide them with a conducive environment for growth and development.
Union Minister of State for Science and Technology, Jitendra Singh, addressed the Natural Intellectual Property Festival held on Sunday, 2nd July, in Delhi, and said, “The filing of Intellectual Property Rights (IPR) including Patents and Trademark by startups, along with Industry linkages, will encourage innovation and motivate enterprise in India.” The event was organized by CSIR at the National Physical Laboratory.
He further added, “Soon after this, the ‘Startups Intellectual Property Rights Protection’ scheme was brought in, which envisages 80 per cent rebate in patent filing and 40 to 50 per cent rebate vis-a-vis the industry and the companies.”
Singh expressed his enthusiasm for the initiative, highlighting its potential to boost the startup ecosystem in India.
Under the ‘Startups Intellectual Property Rights Protection’ initiative, the Indian government will provide backing to startups in securing their intellectual property through various means. The initiative aims to simplify the IPR application process, while also reducing the time and cost associated with acquiring and protecting intellectual property.
The Indian government is committed to promoting innovation and entrepreneurship through robust IPR protection. IPR is expected to boost the confidence of startups, both domestically and internationally by creating a favorable environment that encourages startups to invest in R&D as well.
India continues to witness a rise in entrepreneurial activities, and the ‘Startups Intellectual Property Rights Protection’ initiative marks a significant step toward nurturing and protecting the intellectual capital of startups. With a robust IPR framework, startups can thrive, innovate, and contribute to the country’s economic growth.
Jitendra Singh further expressed, “In the Global Innovation Index, we have jumped 31 places, from 81 to 40; in Startup ecosystem we started very late, in 2016, when PM Modi gave a call from the Red Fort in his Independence Day address, but in just a couple of years, we have gone to the No 3 ranking in the Startup ecosystem in the world”.
