The government has extended the startups intellectual property protection (SIPP) scheme for a period of 3 years till March 2020 to help budding entrepreneurs protect their patents, trademark and designs.
The government has extended the start-ups intellectual property protection (SIPP) scheme for a period of 3 years till March 2020 to help budding entrepreneurs protect their patents, trademark and designs.
Running on a pilot basis initially, the scheme was in force till March 31 this year.
It is now being "extended further for a period of three years", the Department of Industrial Policy and Promotion said.
It is crucial for start-ups to protect their intellectual property rights (IPRs) in this highly competitive world, it added.
The decision to extend the scheme will encourage start-ups to encash on innovation and for that protection of IPRs is crucial. The government last year announced several incentives including tax benefits to the sector under the Startup India action plan.
The SIPP helps in nurturing and mentoring innovative and emerging technologies among start-ups. Besides, it assists them in protecting and commercialising these by providing them access to high quality IP services and resources.
For effective implementation of the scheme, the DIPP has empanelled several facilitators, who are required to provide IPR related services to start-ups .
As per the scheme, facilitators should not charge anything from a startup. The fees is paid directly by the government.
Further it said that start-ups covered under this scheme will not be required to obtain certificate of an eligible business from the Inter-Ministerial Board of Certification.
To obtain tax related benefits, a startup shall be required to be certified as an eligible business from this board.
To encourage young entrepreneurs and innovation, the government has decided to bear the entire cost of facilitation for filing of patents, trademarks or designs.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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