Intellectual Property (IP) rights play a significantly important role for startupsin a country to thrive and sustain. For a new entrepreneur, IP rights can help his business get going as well as the monopoly and exclusivity can aid in gaining a market advantage over others. India is known as the third best technology startup hub in theworld, as per a study conducted by ASSOCHAM in association with Thought Arbitrage Research Institute. The Indian government more focused on developing the startup ecosystem with the launch of several action plans, schemes and several recent amendments in various legislative frameworks. It realizes the importance of innovation as a key factor in the growth of the economy which is strengthened by a startup-friendly IP regime in the country.
Over the last couple of years, “startup” has become a buzzword in the Indian commerce environment. In 2016, with the launch of “Startup India” and “Make in India” action plans, the focus has been shifted to encourage creativity and innovation by protecting and promoting IP rights of start-ups.