Paragraphs on laws regarding intellectual property rights in India!
Intellectual property (IP) is a valuable resource in the modern knowledge-driven economy. It has been seen that many small firms do not make the necessary investments to develop, acquire, maintain, and protect intellectual property.
Many researchers such as Audretsch (1995) and Gompers and Lerner (1999) have stressed the role of innovation in the success of entrepreneurial firms. Strong IP laws would lead to the protection of IP rights and help establish an entrepreneurial climate. On the other hand, Bhide (2000) demonstrated that the bulk of new firms are not innovative but merely imitative.
Others such as Burke, Fitzroy, and Nolan (2000) have also indicated similar findings. In such a scenario, strong IP laws would serve to strengthen large firms and make imitation more difficult. Whatever be the case, small firms cannot afford to have a strategy that does not take the intellectual property-related regulatory environment into consideration.
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The laws relating to intellectual property in India are guided by her commitments following WTO’s agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS). The TRIPS agreement is focused on setting international standards for laws, their enforcement, and settlement of disputes.
The IP laws in India cover the following things:
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i. Trademarks
ii. Copyright
iii. Patents
iv. Geographical indication of goods
v. Designs
vi. Others including semiconductor layout designs, plants and farmer rights, and biological diversity
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A brief description of the IP laws in India and their implications. Trademarks are discussed in detail as all ventures will need to register trademarks whereas only a few ventures will have intellectual property that needs to be protected by copyrights, patents, and other IP laws.