SUMMARY
Jeet Vijay of MSH was joined by Abhi Deshmukh of iHub Anubhuti-IITD Foundation and Dr Vidha Malhotra Sawhney of CSIR for a session on role of IP for commercialising deeptech innovations
Dr Sawhney noted the lack of awareness among startups regarding IP protection and recommended utilising the Patent Cooperation Treaty (PCT)
Vijay highlighted the initiatives of MeitY, MSME, and DPIIT which can help startups in securing their innovations by filing for patents
On Day 1 of the Startup Mahakumbh, India’s largest startup event, MeitY Startup Hub (MSH) CEO Jeet Vijay moderated a session on the critical role of intellectual property (IP) framework for commercialising deeptech innovations.
Vijay was joined by Abhi Deshmukh, CEO & CTO of iHub Anubhuti-IITD Foundation, and Dr Vidha Malhotra Sawhney, scientist ‘H’ & head, tech management directorate, Council of Scientific and Industrial Research (CSIR).
Vijay initiated the discussion with the mission of ‘Viksit Bharat’, the Centre’s roadmap for making India a developed nation by 2047. He asked the panellists about their opinion on how deeptech innovation and IP can propel India’s progress and what challenges can hinder it.
Speaking on the same, Deshmukh highlighted that leading technology companies like Google and Microsoft strategically use IP protection to prevent infringement.
Stressing the importance of getting patents for startups, Deshmukh said that startups with patents get a 93% higher valuation compared to those without them.
Meanwhile, Dr Sawhney, while emphasising the importance of safeguarding innovations through IP protection, gave the mantra of “patent, publish, and prosper” to startups.
The moderator then talked about the hottest topic in the world of technology currently – generative AI (GenAI). He discussed how deeptech startups can protect their IPs in this rapidly advancing field. On this, Deshmukh pointed out the need for contemporary IP laws in India to align with developed countries.
“We need to have patents in India as many startups get patents from the US. A typical patent in the US costs about $8-20K,” said Deshmukh.
Speaking about the challenges, Dr Sawhney noted the lack of awareness among startups regarding IP protection. She recommended utilising the Patent Cooperation Treaty (PCT) as a cost-effective option for filing international patents. “Always fence your innovation,” she said.
Empowering Startups With IP Protection
Vijay acknowledged the lack of awareness but highlighted the government schemes that provide financial aid for patent filing. He mentioned the initiatives of the Ministry of Electronics and Information Technology (MeitY), Ministry of Micro, Small and Medium Enterprises (MSME), and the Department for Promotion of Industry and Internal Trade (DPIIT) to promote and foster patent filing by startups. For example, MeitY provides reimbursement worth INR 15 Lakh for filing patents.
The MSH also promotes investment in various sectors like deeptech, sustainability, and more. Further, to foster the spirit of entrepreneurship in India, it hosts multiple accelerator and incubator programmes like SAMRIDH and TIDE 2.0
Vijay also recognised the efforts of organisations like Nasscom in building a strong deeptech community in India.
Deshmukh also offered valuable advice for startups for patent protection strategies – Hire an IP lawyer, conduct IP searches to identify potential infringement risks, and consider filing provisional patents for early protection.
He urged startups to view patents as strategic assets that can increase valuation, facilitate exits, and attract acquisitions.
Vijay concluded the session with a strong message highlighting the importance of IPs for startups. “We protect our house, our finances and human rights with our life, we should look at IPs like that. We should appreciate what we have. In a new economy fuelled by data, we have to make sure we protect our rights for us and future generations,” he said.
