Start-ups are all about creations. After forming a company, what makes them shine in the crowd is their creativity. It is difficult for any start-up to compete with incumbent players in the same area. Innovation is the most effective approach to combat competition. Your creativity can manifest itself as an invention in the shape of a new product, procedure, design, advertisement, brand, logo, and so on. This breakthrough is your Intellectual property. It is protected by law in the same way that tangible property is.

What is the definition of Intellectual Property Rights?

The original creator, inventor, or author of the work or invention is granted exclusive rights to his creation, which are known as Intellectual Property Rights. Only after the original owner/creator grants consent may someone else utilize the Intellectual Property. Intellectual Property Rights (IPR) are legal rights granted to the inventor or creator to safeguard his or her invention or production for a set length of time.

What are the types of Intellectual Properties?

The types of Intellectual Properties are:

• Copyright
• Patents
• Trademark
• Industrial Design
• Trade Secret
• Geographical Indications

COPYRIGHT

In India, Copyright is defined under the Copyright Act of 1957. The right to copy or reproduce the work in which the Copyright exists is referred to as Copyright. Any of the following can be granted Copyright: Work of literature, Dramatic performance, Musical creations, Artistic creations, Cinematography, Audio Recordings.

It safeguards works of expression like books, articles, papers, poems, paintings, pictures, images, sculptures, films, plays, and scripts.

The relevance of copyright has grown in recent years, owing to technological improvements in printing, music, communication, and entertainment, which have made it possible to replicate the work at a low cost, thereby jeopardizing the financial interests of the original author of the work. Once the original work's artists, designers, or composers obtain Copyright, their work is protected, and they have the sole right to exploit their creation for monetary advantage. The original authors may grant permission to others to deal with the work for compensation.

What is the term of a Copyright?

The Copyright is granted for the author's lifetime plus seventy years. The goal is to honor the author. In India, Copyright registration is not compulsory. However, registering the work creates evidence of ownership, and the owner can safeguard his creation and claim damages if it is infringed.

PATENT

A patent is a property right granted by an authority (government) to the creator for his innovation (product or process) for a specific length of time. No one can create, use, or sell the owner's idea during this time. It is a monopoly granted to the creator for him to commercialize his innovation. The proprietor has the right to sell his work for others to utilize.

The most common Patents are:

Utility Patents

Design Patents

Plant Patents

The Patents Act of 1970 in India defines "patent" as an exclusive right awarded to an inventor for producing a new product or a new method of making the product. The inventor is granted the sole right to manufacture the new product or to make it use the new procedure.

A patent's fundamental components are novelty, usefulness, absence of obviousness, and sufficiency of description. Finally, the patent is registered in the owner's name, and he can grant a license to use his innovation or sell it to others for a fee.

What is the duration of a Patent?

Patents are typically given for a period of 20 years and are renewed. To guarantee that the application form conforms with the provisions of the Patent Act, it is advised that the patent application be drafted and registered by competent agents.

TRADEMARK

The term "trademark" is defined under the Trademarks Act 1999 as a mark with a graphical representation that differentiates one company's goods and services from those of another. It might be any shape, word, letter, signature, color, or a mix of these. It assists customers in resolving any confusion. A trademark gives a start-up's products a distinct identity. It aids in the establishment of the start-identity in the market. Customers begin to recognize the new product based on the trademark.

What is the term of a Trademark?

The right to use a trademark is given for ten years and can be extended for another ten years by paying renewal costs.

INDUSTRIAL DESIGN

An Industrial Design is the appearance of a product after it has been manufactured using industrial technology. It is something that makes a certain product visually appealing. The right simply protects the look. A shape, color, pattern, configuration, or composition of colors or lines applied to a product is included. The design must be a two-dimensional or three-dimensional figure created by an industrial process to qualify as Intellectual Property.

What is the term of Industrial design?

The registration of a design under the Design Act preserves the product's aesthetic feature. The warranty is valid for ten years and can be extended for another five years.

TRADE SECRET

A trade secret is considered Intellectual property and must be kept private. It is sensitive or secret business knowledge that provides a trade or business with a competitive advantage. A startup must safeguard its trade secret.

Any of these could be the trade secret:

• Manufacturing process secrecy
• Unknown technology
• A food product's ingredient mixture

How important are Intellectual Property Rights for start-ups?

Businesses in the modern economy are more competitive than ever before. Start-ups frequently struggle to compete with the industry's behemoths. However, one might keep ahead of the competition by developing something innovative, and this creation is referred to as Intellectual Property. When start-ups secure their Intellectual property and acquire Intellectual property rights, they reap numerous benefits. Among the advantages are:

Fair Playing Field

IPRs assist the innovator in protecting his creation for a set length of time. A creator is granted the exclusive right to use his creation or to assign the right to another person. The exclusivity level is the playing ground for the start-up.

A Deterrent to Exploitation

Large corporations have the resources to exploit the market's incumbent. They also have the financial and other resources to exploit the idea and make unauthorized use of it. In the lack of IPRs, start-ups' time and money invested in Intellectual property research and development may be wasted. Businesses that fail to preserve their distinctive creations or innovations are more vulnerable to exploitation than others. As a result, IPR protection is essential for start-ups.

Recovering Incurred Costs

To compete in the market, start-ups must invest heavily in producing innovation and bringing it to market in the form of finished products or services for consumers. If Intellectual property is protected, only the inventor may commercially use the invention. As a result, it aids the start-up/creator in recouping the costs of research and development.

Entices investment

Investors are more confident in a new firm when they know the start-up has secured its Intellectual property. As a result, they step forward to invest in such start-ups, which serve as a resource for competing in the market.

Trade and Commercialization

IPRs provide start-ups with the confidence to operate in the market with their invention because they are protected. As there is a fear of legal action for violation, the probability of theft or exploitation of the innovation decreases. Furthermore, it encourages start-ups to commercialize and trade their products or services.

As a result, IPRs increase the value of start-ups and improve their financial prospects.

Why are start-ups hesitant to secure Intellectual Property Rights?

In general, start-ups are hesitant to get Intellectual Property Rights because it is not required to obtain these rights to conduct business. Many start-ups think Intellectual property rights to be unnecessary because they do not anticipate anyone replicating their discoveries. No one feels the need for protection in the early stages of a firm unless they confront challenges or the possibility of theft or exploitation owing to a lack of IPRs. People are ignorant of the advantages of registering Intellectual property. The procedure of registering Intellectual property is seen as time-consuming and costly. The registration price paid to professionals is considered an additional expenditure.

There is a need to educate consumers about the type of protection that IPRs provide to businesses. Furthermore, there should be more conversations about the role of Intellectual property in the protection of inventions for start-ups.

How will a professional be helpful? 

Professionals in the field of Intellectual property rights (IPR) offer a variety of services that are beneficial to any business, particularly start-ups. They provide services such as:

• Selecting a brand name, logo, etc., and ensuring that it does not already exists
• Taking care of the legal prerequisites for finishing the registration process
• To provide advice and methods for the protection of Intellectual Property ights
• To aid in infringement litigation
• To develop IPR petitions and respond to any objections
• Arbitration and talks are used to settle issues outside of court

Conclusion

Because the benefits of registering Intellectual property are considerable, start-ups should do so. IPR is a powerful instrument for protecting the inventor's or creator's time, money, and effort. Furthermore, it promotes healthy competition and encourages industrial development and economic progress, which benefits economic development.