Importance of IPR

 

Trademarks

A start-up should protect its brand from the beginning when it really wants to grow big. The Trademark Act, 1999 provides that every individual/owner/company should have a trademark for the name/logo/brand. Fintech companies are strongly advised to purchase their trademark's reputation, because they ensure high-quality customer service. A solid brand/name/logo enables fintech companies to differentiate their product from their competitors'products.

Additionally, it helps a fintech company to acquire or merge or to get acquired predicated on a ‘proposed use '. The significance of trademark registration is of the utmost importance while they prevent third party use and help make sure that the trademark comes with an economic value that can be used commercially to acquire benefits.

Copyrights

Copyright automatically extends to computer code, visual user interface functions, audio, video instructions, application programming interface (API) structure, and other works. Computer code can cover details such as source code, pseudocode, machine code, and specially developed hardware or firmware. Copyright is just a significant intellectual property asset for a FinTech company, especially when this system design offers efficient computation and easy use.

Trade Secrets

Registration isn't required for Trade secrets, but companies must take reasonable steps to keep them confidential. The advantage of this form of protection is so it guarantees absolute security of secret information so long as sufficient confidentiality measures are taken.

Trade secrets include all confidential business information that offers the dog owner a competitive advantage over other market participants. Trade secrets include manufacturing secrets and trade formulas, practices, processes, designs, instruments, patterns, trading methods, or compilations of information that are not generally known or reasonably ascertainable to others. Unlawful or unauthorized usage of the same is recognized as an unfair practice. India does not need a codified law regulating and protecting trade secrets India. However, trade secrets are regulated by various laws such as contract law, copyright law, principles of fairness, etc.



Industrial Design

The term design as defined in the Designs Act of 2000 means the top features of shape, configuration, pattern, ornament or composition of lines or colours applied to any article and has some aesthetic value. This kind of design may be registered according to the Design Law. Any start-up that registers a design from the beginning can prevent anyone from using it without proper authorization. As an example, if a start-up is in the beverage segment, where in actuality the beverages are served in a uniquely  shaped bottle that's developed through great mental effort. If this type of bottle design is registered beneath the Design Act, the start-up has the right to prevent anyone from copying the look and can also utilize it commercially.

Conclusion

With the introduction of Atmanibhar Bharat by Govt of India, it is a once in an eternity chance for establishing the company or starting new start-ups. However, the immediate significance of an hour requires entrepreneurs to keep yourself informed of the extreme importance of intellectual property rights and the requirement for a proactive approach towards protecting their intellectual property rights. To change the entrepreneurs'mindset, they should understand the significance of developing an intellectual property protection strategy from the start. It cannot be denied that there might be a price connected with protecting these rights. However, the cost is more like an investment as IPR is an asset that provides numerous economic benefits for the entrepreneur when protected from the start.