As many as 34 startups have so far availed the benefits under a government scheme to obtain patents with 80 percent fee rebate, the Department of Industrial Policy and Promotion (DIPP) said. A professional body under the DIPP, Cell for IPR Promotion and Management (CIPAM) in a tweet asked other startups to avail these benefits.

“34 startups have already availed the SIPP scheme to obtain patents with a 80 percent fees rebate! What are you waiting for?,” CIPAM’s tweet said.

The Startups Intellectual Property Protection (SIPP) scheme is envisaged to facilitate protection of patents, trademark and designs of innovative and interested startups. The scheme aims at promoting awareness and adoption of IPRs among startups.

To encourage young entrepreneurs and innovation, the government in its startup action plan announced to provide 80 percent rebate in filing of patents vis-a-vis other companies.

In January, Prime Minister Narendra Modi unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday and inspector raj-free regime, capital gains tax exemption and Rs 10,000 crore corpus to fund them.

Source: Money Control

Image Courtesy: NDTV