In 2009, Indian residents filed only 21% of patent applications in India, whereas rest came from all parts of the world. On the contrary, a study by Prof. Kerr from Harvard and Prof. Lincoln from Michigan found that 10% of patents filed in United States have at least one inventor from Indian ethnicity.
There are two reasons associated with Indians not patenting their technologies across borders: money and awareness. Top Managers of various Indian technology corporations are not much aware about intricacies of patents. The value and importance of patents for a technology business is yet not realized in Indian industries. Secondly, it costs money to get patent protection in various countries ranging from INR 5 – 10 Lakhs for just filing patents in 3 – 5 countries and to top that, renewal fees costs more. Startups cannot afford this much money. In the previous articles, we discussed market advantage of a patent besides its monetary value. Startups have options to plan their finances for obtaining a patent globally as they progress with their business and can also get government funded grants or investments from private equity.
India needs to play aggressive in protecting their intellectual property and making it an economic advantage in its role in international market for this decade. Startups and medium-sized firms are the economic engines who need to take the initiative. Future articles will cover ways to protect, manage, and commercialize their inventions as well as chart-out a financial plan for doing the same.
InnovAccer (Innovation Accelerated) is an innovation management and acceleration company focused and dedicated to provide high quality innovation management services to accelerate every step of an innovation life-cycle. InnovAccer was founded with a vision of people in the fields of Intellectual Property, Business Innovation, and Technology to change and accelerate the creation of innovation ecosystem in India. InnovAccer’s team comes from a varied background of engineers graduated from IITs, intellectual property specialists graduated from Franklin Pierce Law Center, USA, analysts, statisticians, and business innovation experts.