India will have its first IP exchange soon
The IP Exchange would streamline the trade of IP rights across various sectors by enabling individuals and commercial entities both in India or outside to buy and sell Intellectual property rights from one platform.
The ministry of Science and Technology along with the National Research Development Corporation will develop the exchange. The inspiration to establish such a platform was derived from countries like Honk Kong and the United Kingdom.
It will be akin to the Stock exchanges. Its aim is to slash arbitrary negotiations between the parties regarding Intellectual Property. It will create a transparent platform to simplify the trading and licensing process.
# What are IP Rights
IP stands for Intellectual Property which is a conglomerate of innovativeness, creativity, inventions, designs, brands and artistic works. IP Rights extends an exclusive right against such intangible assets, against other for a specific time duration by the Controller General of Patents, Design and Trademarks (CGPDTM).
Intellectual Property Rights includes the following:
• Copyrights Registration
• Patents Registration
• Design Registration
• Trade secret Registration
• Geographical Indications Registration
India witnessed a spectacular growth in the Intellectual Property registrations over the years.
However, the need to establish such a platform was proposed to tap the commercial viability of intellectual property, which usually ends up getting expired due to lack of a proper opportunity to trade such rights.
India has a huge repository having a potential for commercialization.
# The Progress So Far
• The Exchange has been granted in- principle approval from the ministry of science and technology.
• The corporation is engaged in collecting data and information of various IP’s filed and registered.
• The entire process might take 8-9 months in execution.
The idea of for such a platform sounds thriving, but tracking and verification of the same seem daunting.