Patent your Start-up Idea By Ankita - September 28, 2020 Last Updated at: Sep 28, 2020 801 You have decided to protect your idea for commercial purposes. Right. Are you interested to Patent Your Start-up Idea? For this first, you need to understand what a patent is. A patent is a legal license from IPI India (Intellectual Property India) that provides an inventor ownership rights to his/her invention over making, offering for sale, and even selling the patented idea or item in the country for 20 years. Can we get a Patent for an idea? Ideally, no. One can specifically obtain a patent on the invention derived from an idea. Moreover, the invention should depict a description of the invention and must be attached to the patent application. Who can apply for the patent? To obtain the patent successfully one must be: The inventor of an idea A legal representative or executor of the inventor Further, the co-inventor The person to whom invention has been transferred The patent is essential for a new start-up to safeguard them. The idea for the patent should be unique. Additionally, the patent gives a special authority over the invention, protecting the invention from exploitation. Additionally, the patent has validity for 20 years and includes a concept of the territorial right that is specific to the territory of India. Moreover, one of the prerequisite business specifications is to have intellectual property protection. If we talk about Patent for Start-ups in India there are numerous benefits provided by the Government of India which are stated below: Legal Support and Fast-tracking Patent Examination at subsidized costs Schemes for facilitating Start-Ups Intellectual Property Protection Further, intellectual Property facilitators for filing patents in India Schemes to ensure provide start-ups with high-quality service and knowledge base Patent Your ideas Right Now To acquire these benefits start-ups are needs to have: Certification from Start-up Certification Board for holding innovative research with a legal firm registered or incorporated or registered in India not older than five years. Moreover, the annual turnover should not exceed Rs 25 Crore in any of the preceding financial years. The benefits are available to eligible start-ups only after procuring a Certificate from Start-up Certification Board. A quick view of the procedure to file the patent. The steps are as follows: Check if your start-up is eligible for the patent Likewise, formulate a detailed patent application Filing of the patent application and keep the prototype ready of your idea Get the patent application Further, scrutinize the patent application Grant of patent Renew your patent by paying the annual fee Documents required for Patent Application Title of the invention/start-up Description of the invention/start-up Identification documents of an inventor like voter id card, passport, or driving license The patent simply safeguards the new invention from the exploitation in the market and to initiate commercialization of its utilization by the inventor. Look for professional help To file the patent for your start-up go for professional help. The professional ensures that the patent prepared for submission will specifically safeguard the million-dollar idea and entitled you with the specific hold on your idea or invention. Moreover, the professional always studies the minute details of the application and helps you to claim a monopoly in the market for that particular invention. Additionally, the filing for a patent is a layer by layer process and it will easily unfold if you have the support of professionals. This will save a lot of effort from the inventor’s end and speeds up the process as well. Writing a patent is a techno-legal document and while you can maintain the sanctity of the idea and invention, the legal aspect should consider as it will leave the space for others to copy and misuse the innovation by making few changes to overcome your legal sanctions. Further, an expert can help you understand the details required to show in your patent – drawings, illustrations, explanations, special materials used, expertise to be defined which cannot be replicated easily. Lastly, it is advisable to patent your start-up idea as it is in your best interest. Patenting the idea or invention safeguards you as your competitors will not be able to generate profits from the invention created by you. Note: Kindly do not open your invention/idea in public before filing a patent application. You can reach out to Vakilsearch for a free consultation on how to ensure to derive an innovation out of the idea and get it patented.