ROLE AND IMPORTANCE OF INTELLECTUAL PROPERTY RIGHTS IN THE GROWTH AND SUSTAINABILITY OF STARTUPS

AUTHOR – ISHAAN SHERGILL JACOB, STUDENT AT NARSEE MONJEE INSTITUTE OF MANAGEMENT STUDIES

BEST CITATION – ISHAAN SHERGILL JACOB, ROLE AND IMPORTANCE OF INTELLECTUAL PROPERTY RIGHTS IN THE GROWTH AND SUSTAINABILITY OF STARTUPS, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (2) OF 2024, PG. 434-440, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

Intellectual property rights (IPR) are crucial for businesses to increase technological competitiveness. For start-ups, often with limited resources, IPR protection in India and abroad is crucial for sustainable growth and innovation. The Startup Intellectual Property Protection (SIPP) program helps startups obtain patents, trademarks and designs. IPRs ensure that inventors can patent their creations, preventing unauthorized use and ensuring economic benefits. The registration process involves several steps: submitting an application with required signatures and a statement describing the specifics of the invention, followed by preliminary identification screening by experts any deficiencies. Proper registration provides exclusive rights to the inventor, providing legal protection for creative work and innovation. This is in accordance with Article 27 of the Universal Declaration of Human Rights, which emphasizes the protection of the material and moral interests arising from the scientific, literary and artistic creations of the individual.

Keywords: Intellectual Property Rights (IPRs), Startups, SIPP scheme, Patents, Trademarks, Industrial designs, Innovation protection