‘IP has to be integrated with biz plan’

Source: The Hitavada      Date: 29 Dec 2017 10:17:54


 

Business Bureau,

STARTUPS and entrepreneurs have to understand the importance of Intellectual Property (IP) which can be used to add value and generate huge returns to business using a proper strategy. IP filing is required to get advantage over competition and also be used as sales aid, marketing tool, fund raising, forming joint ventures and create a barrier for other companies not to copy.


“IP has to be integrated with business plan to get an edge over competition,” said Dr Mandira Roy, General Manager and Head (Technology Commercialisation and Licensing) of Adastra while speaking on the topic ‘Carving the competitive edge in business with IP strategy’, organised by TiE Nagpur at IIM-Nagpur, VNIT Campus on Thursday.


She said that one never knew as to how much revenue, royalty or profit a patent, trademark or logo would fetch in future. “IP is not just about filing of patents, trademarks and industrial design but on how to leverage them to benefit business,” she said. In India, NRIs were filing 78 per cent of Intellectual Property Rights at the Indian Patent Department. This indicated that more awareness about the importance of IP needed to be brought about among the Indian startups and entrepreneurs.


She explained that certain patents and logos could generate mind-boggling returns to companies. For example: A person in England patented the innovative tin cap opener of Coke. He did not intend to manufacture the cap opener but license it to different companies. The royalty which he generated is about 1.50 lakh pounds per day. Also, Walt Disney generated about US 1 billion per annum from brand Micky Mouse. On the other hand, the Kingfisher logo had no value today. If it had been sold about five years ago, it could have fetched good returns.


“Consistently using trademark or logo is the key to add value to a company,” she pointed out. She said that a patent had to be novel and one had to prove that nobody else possessed it. A patent could be filed at Rs 8,000 by a company and Rs 1,600 by a startup in India. It would be best to file patent in different countries where the company intended to enter and market its products. Roy explained about the Patent Cooperation Treaty (PCT) and benefit of conducting Freedom to Operate Analysis (FTO) to avoid infringements.


Present were Milind Chittawar, President of TiE Nagpur and Chenali Bisen, Associate Executive Director of TiE and others in large numbers.