SIPP is envisioned as protecting and promoting intellectual property rights of start-ups and to encourage innovation and creativity amongst them.
In January 2016, Department of Industrial Policy and promotion of the Government of India launched the “Scheme for Facilitating Start-Ups Intellectual Property Protection (SIPP) to promote awareness and encourage IPR protection amongst start-ups. The scheme shall run initially on a pilot basis and shall be applicable for a period of one year from the date of launch of start-up India.
It aims to promote awareness and adoption of intellectual property rights amongst start-ups. The scheme is inclined to nurture and mentor innovative and emerging technologies among start-ups and assist them in protecting and commercializing it by providing them access to high-quality IP services and resources.
According to the notification, an entity shall be considered as a ‘start-up’:
- Up to five years from the date of its incorporation/registration;
- If its turnover for any of the financial years has not exceeded Rs. 25 crore; and
- It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.
Provided that any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘start-up’;
Authored by Rakhee Sharma.
This article was published on Patents Rewind.