New Delhi, Apr 27 (KNN) Micro, Small and Medium Enterprises (MSME) is a sector that needs to be empowered and they need to invest in building their Intellectual Property (IP), said Prof. Ashutosh Sharma, Secretary, Department of Science & Technology, Government of India.

Speaking at a session organized by PHD Chamber of Commerce and Industry on World IP Day-themed “IP & SMEs: Taking your ideas to market”, Sharma said, ''SMEs need to be acquainted with the IP system to avoid getting into activities that burden the legalities at the same time ensure business success.''

He mentioned that while we are focusing today on IP, its management, and flow, many aspects come into play when we talk about taking ideas to market. We need to have a holistic understanding of what succeeds in the market. The startups in other nations of the world use IP to leverage themselves in the market which helps them to sustain at the same time help them exit in a profitable way.

''The industry needs to handhold startups and pulls knowledge, information, and IP from the startups,'' he added.

Prof. Sharma said that the issues related to IP have become critical for the world and Policymakers around the world have emphasized creating a robust IP regime and an ecosystem that encourages innovation.

The invention is a black box that takes in money and produces knowledge. Invention and innovation need to work together for the success of the economy and society, he said.

He further said that IP should be seen as a powerful tool for economic development. IP can be instrumental in keeping the competitive advantage for enterprises and can help in getting innovative ideas and concepts for theft and enhancing the overall work of the company in the eyes of investors. It allows the innovator to control and ensure the quality of supplies while maximizing the low cost for low and middle-income countries.

''It allows the innovator to preserve the regulatory to the cost from richer markets leading to future investments from present investment,'' mentioned Prof. Sharma.

He further mentioned that with the coming of Industry 4.0, the focus has been to control the flow of information and knowledge along with data which is transformed into information, knowledge leading to innovation and development. IP is pivotal for Industry 4.0 is what we called as knowledge.

''We need to take control of information i.e. to use knowledge to create new sources of economic opportunities. The control and flow of information need to be controlled, it needs to be embedded into what and how we do it,'' he avowed.

He shared that the department is training a large number of women scientists for a year to file IP and everything else related to IP.

Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated about the importance of World Intellectual Property (IP) Day, a day which aims to increase the general understanding of IP and the role that IP rights play in encouraging innovation and creativity. This year’s theme being “SMEs and taking ideas to market” as set by WIPO intends to celebrate the ingenuity and creativity that lies behind every SME, their courage to make a difference, and the contributions they make in enhancing our daily lives and helping SMEs build stronger, more competitive businesses and better able to identify and protect the more promising ideas.

He mentioned that PHD Chamber’s focus is towards MSMEs, which are the growth engine of the Indian economy. With India’s focus on economic recovery, World Intellectual Property Day 2021 shines a light on the critical role of MSMEs in the economy and how they can use IP rights to build stronger, more competitive, and resilient businesses.

''With IP rights they can turn an idea into a business opportunity, generate value, create employment and enrich the choice of products available to consumers. With IP their business can flourish and your community can thrive. MSME sector is one of the largest contributors to the Indian economy, however, awareness about IPRs is lacking in Indian MSMEs,'' he said.   

He emphasized that while the IP system has a pool of opportunities and advantages to be explored, there is a need for the upcoming new entities to manage the IP system and have in-depth and up-to-date knowledge of the IP systems and convert their assets into profit-making tools. The lack of appropriate networking strategies is a barrier faced by SMEs which could access information and avail opportunities, and also their level of intelligence, the knowledge they possess, and their innovativeness and innovative mode.

If there are firms in which “one-size-fits-all” such employees under one roof it could benefit the firms making a higher profit ratio by exploiting their resources, he added.

Mohit Jain, Chair, MSME Committee, PHD Chamber while sharing his industry perspective, challenges and opportunities mentioned that IP aims to prevent others from wrongly profiting from their creations or inventions, Filing Patent and Trademark can prevent them from Copy writing the ideas of SMEs and MSMEs.

DP Goel, Co-Chair, MSME Committee, PHD Chamber while deliberating the importance of IP for SMEs and MSMEs leading to growth in the economy, proposed a formal vote of thanks to all the delegates and participants.