Start-up Intellectual Property Protection (SIPP) scheme was first launched in the year 2016 and is extended further till 2026 after witnessing the successful execution and growth in the number of applications filed by start-ups before the Intellectual Property offices. Through this scheme, applicants can file applications for Patents, Designs, and Trademarks through registered facilitators in the appropriate offices of Intellectual Property in India. This scheme allows the applicants to only pay the statutory fees, i.e., government fees, filing fees, etc.
Purpose to launch this scheme: The sole objective to launch this scheme is to assist start-ups in promoting and protecting their intellectual Property. An awareness of how Intellectual Property can be turned into a valuable asset that can later be utilized to boost revenues for their businesses. As start-ups are usually new businesses entering the already exploited market, there could be scenarios where challenges like not enough capital could be a matter of question, Government to promote Intellectual Property, launched the SIPP scheme in the year 2016, with the motive that the Intellectual Property portfolio is built no matter the size of the organization. With the successful operation of the scheme, after it was launched, it is extended till the year 2026.
Patents application filed by startups, through this scheme, took a jump from 179 applications filed in 2017 to more than 1500 applications in the year 2022. For trademarks, the number of applications filed in the year 2017 was 4, which later was observed to be more than 8000 in the year 2022.
Benefits of protecting IP for Start-ups: As start-ups are new businesses entering the already exploited market, they must be able to build their Intellectual Property portfolio to gain goodwill and recognition in the market. Through Intellectual Property, one can license, sell or commercialize their assets and generate revenue. This in turn will lead to improving the market share and assist in building brand recognition. Innovation is the core factor that start-ups introduce in the market. SIPP’s role is to make sure that Intellectual Property should be an important asset for these businesses, the scheme further helps in making it a priority for start-ups.
This scheme will further aid in Protecting IP and building an IP portfolio which in turn will help in generating funds, increasing export opportunities for their products, and turning ideas into profit-generating assets.
Eligibility Criteria for SIPP Scheme: The scheme is eligible for startups who are in business for no longer than 7 years. Further, their annual turnover Revenue should not exceed Rs. 25 Crores in a financial year. Start-ups who are dedicated to the development, deployment, and innovation of new processes, services, or products in which Intellectual Property is the main center. The business should have a start-up certificate issued by the Government of India.
How we can help startups in availing this scheme: AKSH IP ASSOCIATES, is a boutique IP firm that caters to only Intellectual Property needs. Our team consists of Patents Agents and Trademark attorneys who are part of the registered facilitators with the SIPP Scheme. With nearly a decade of experience in handling IP cases, our experienced team of attorneys can assist you from the initial stages till the disposal of your application. We have provided legal advice to numerous clients along with support for filing their applications, drafting, and filing replies to Examination Reports raised by the Tribunal, and attending hearings before the Controller/Registrar. Intellectual Property if planned strategically, could help in recognizing any business on a global level, and with the help of the SIPP, start-ups in India have a great opportunity to grow their business in an effective manner.