Boom in Fourth Industrial Revolution Knowledge Sharing Ecosystem: Patenting Innovations

Boom in Fourth Industrial Revolution Knowledge Sharing Ecosystem

Prity Khastgir IPR Strategic India Patent Attorney Amplify Innovation

Prity Khastgir

Technology Driven Era is BOOMing !!

Patent Launch Design Studio For Wealth Creation to Cater Fourth Industrial Revolution

WHAT is WEALTH Creation in terms of Patent Royalty & Patent Licensing?

Wealth creation is important aspect of any business. How to create a proper technology business around innovative technology is the need of the hour. Asset allocation of the funds are very important factors to be taken into consideration while doing business. Brilliant ideas should be protected through innovation laws governed under intellectual property laws.

Innovation and entrepreneurship harnessing grassroot level sustainable business models is the need of the hour.

With the diligent business execution one can actually create wealth for the startup and the entrepreneur would be known as a successful entrepreneur in the long run.

“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”-Marc Benioff, CEO of Salesforce.

As an entrepreneur or startup YOU should understand the concept of wealth creation and investing YOUR time innovating in technologies and developing technologies which will actually lead to wealth creation.

How to create wealth around the technology or doing business in India?

How the wealth is created in the short term and long term goals?

What kind of profit margins you can actually foresee and think of?

First rule of business 101 is to create a conducive environment and a conducive ecosystem for the technology in which you want to invest your time in building intellectual property.

For example, in India one can work on business models for which Indian government is giving funds without collaterals. One such example is governments of the United States of America (through the Department of State) and India (through the Department of Science & Technology) have established the United States–India Science & Technology Endowment Fund (USISTEF) for the promotion of joint activities that would lead to innovation and entrepreneurship through the application of science and technology.

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The aim of the Fund is to support and foster joint applied R&D to generate public good through the commercialization of technology developed through sustained partnerships between U.S. and Indian researchers and entrepreneurs. The U.S.-India Science and Technology Endowment Fund activities are implemented and administered through the bi-national Indo-U.S. Science and Technology Forum (IUSSTF).

Funding for Investment in Business

Grants of up to Rs. 2.50 crores or approximately $400,000 (subject to prevailing exchange rate). Proposals outside this range may be considered under exceptional circumstances at the discretion of the U.S.-India Science & Technology Endowment Board (hereafter referred to as the ‘Board’).

The applicants should put together their Budget requirement based on realistic assessment, corresponding to direct cost involved and properly justified by the nature and quantum of work involved. An attempt to do over budgeting simply to fill the bandwidth of maximum grant size is out rightly discouraged.

It may be noted that Endowment Fund is an Indian Rupee Fund and all the grants are denominated in Indian rupees (INR) only. Awards are made in tranches according to project milestones and installment amounts are fixed in Rupees. For U.S. Awardees, the grant is transferred after converting it into USD at the prevailing exchange rate as on the date of disbursement with no adjustment made for foreign exchange rate fluctuations. However, the applicants are encouraged to consider requesting a provision under the contingency line item of up to ten percent (10%) of the total budget in the event of a devaluation of the rupee against the dollar.

The Board will give stronger preference to proposals that include a reasonable balance in the distribution of work and the grant between Indian and U.S. partners.

Grants will be released in a phased manner based on successful completion of milestones (which may include requirements to raise/ invest additional outside funding to support the project).

All milestones for the grants will be specified at the time of the award.

The Board reserves the right to limit its award to selected project activities and milestones and in doing so approve partial funding.

One sector which is BOOMING is renewable energy technology where a number of innovations are happening for example, the solar sector. One has to understand industrial revolution & the globalization of knowledge whereby one need to have the AWARENESS to predict the future and take the measures in the present.

WHAT we do in the past is the illusion of our mind of the past. HUMAN species per se BELIEVE to see and follow what most people do. That differentiates a normal being from being in GENIUS.

One should be able to understand that you need to innovate and understand that protecting your innovation actually help you to create that wealth by not only by getting the patent granted and the “patent pending” technology itself can be licensed to any third party.

You can actually get royalty and there are other scenarios whereby you know you can create wealth by making a mark in that particular arena.

When we discuss about making a conducive environment you need to make an impact in this society in which we live and if you talk about solar energy sector a number of sustainable innovative business technologies are being developed in R & D centres in India. In recent trend, “rent a roof policy” is being discussed across the nation.

Knowledge bring people together on a common platform 

So the rental roof policy the name itself suggest like you are renting out your roof to harness solar power. The working structure is interesting that the current bill for the electricity which is consumed after deducting the power generated by the solar roof top panel would be charged.

So implementing innovative ways push the boundaries of human intellect by which the Indian government is taking conducive steps to treat India as a country where a lot of business opportunities and synergies can happen in near future for wealth creation.

Data is based on evidence. YOUR intellect and OUR Expertise to achieve the impossible. Information is Free however what is important is to analyse and search for RIGHT information.

Prity Khastgir is a techno-savvy patent attorney and commercial mediator in India with 12 yrs++ of experience working with clients across the globe. Her areas of expertise are IP portfolio research, cross-border technology transactions, licensing agreements, negotiating business deals, product clearance, freedom-to-operate, patent infringement & invalidity analysis, research & opinions. She has seen the evolution in India as to how the patent and intellectual property law has evolved in last 10 years in India.

Currently, she helps startups to raise funds and facilitate the process of wealth creation, assists foreign companies to find right business partners in India. She also assists enterprises to enter and find the right angels, and VCs in Malaysia, Singapore, US, UK, Japan and India.

IP portfolio research, cross-border technology transactions, licensing agreements, product clearance, freedom-to-operate, patent infringement & invalidity analysis, research & opinions. Core practice includes patent drafting, patent searches (patent analytics), PCT National phase patent prosecution in India (drafting office action responses for USPTO, EPO

Facebook page for creative minds and wealth creation: click here

Twitter: @biopatentlawyer

Email: prity.k@lawtcis.com

Idea for Business Protection * Innovative Business Concept

Brand New Idea for business Protection

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A proposal for a business includes many elements including pointers like MISSION and VISION of the business in 5 years time. For any business proposal it includes all the fundamental information such as the product or the services offered, the target audience, and a novel business marketing strategy that gives a company an advantage over its competitors is known as a business concept.

“New Idea Reveals How To Sell High Ticket Patent Business Ideas…Even If Nobody’s Ever Heard Of You”

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A business concept may involve a new product or service or it may simply comprise a unique approach to marketing or delivering an already existing product.

Idea for business Innovation

Got a great concept for business? Great you have already taken the first step for a successful business !! Once a concept is developed, it is incorporated into a business plan.

Now you must be wondering what if someone else comes up with something similar? Idea for business must be protected.

Running a successful business is not a solo sport. We work with and through other people. In order to get off to a flying start, an entrepreneur needs investors, vendors, employees and may be a partner or a mentor. Thus eventually you have to discuss your idea with the masses. But what if someone steals your idea? Ideas and concepts are valuable and throughout history innovative concepts have been copied or stolen.

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“Idea theft” is an ongoing concern for many business owners and startups. A competitor could steal the idea and put it to use themselves. Instead of letting other party go away with your great concept and make a fortune, you should protect your concept by filing a patent.

As per the Patent laws, a mathematical or business model or  algorithms or a computer programme per se are not inventions and hence are not patentable. HOWEVER,  a hardware component to the flow diagram can make the overall business concept patentable. For a technology to be patentable, the technology must be incorporated into a new product or a process, involving an inventive step and should be capable of being made or used in an industry. For example Blockchain Technology, the talk of the town in itself is not patentable but if it is incorporated into a device it is patentable.

Similarly ideas and concepts themselves cannot be patented. But when you take a concept and turn it into an invention or process that meets specific criteria and requirements, it can be patented. A patent can help you remain competitive in your field and give you an edge on your rivals.

You can apply for a Utility patent or a Design patent based on the nature of your invention. Utility patents are granted to inventions that pertains to a new and useful process or useful improvements of a process, machine, article of manufacture or composition of matter. Design patents are given for new and original designs for an article of manufacture.

You can file a provisional patent application or a non-provisional application with full specification of your invention. A provisional patent application is a quick way to protect your invention if it is in the abstract stage. It will establish an early filing date. But a patent will be issued only after a provisional application is accompanied with the complete specification within 12 months from the date of filing of the provisional application. If the complete specification is not filed, the application shall be deemed to be abandoned.

Make sure your invention is novel, non-obvious and has a commercial value.

Every complete patent specification shall  fully describe the invention and its operation or use and the method by which it is performed.

For example, an individual has an idea pertaining to a software that can be used for buying & selling property and has the expertise to transform that idea into an invention that is a mobile application. With such an idea provisional application can be filed for that mobile application and later complete specification can be submitted which fully and particularly describes the invention and its operation or use and the detailed method of performing the same.

If your concept fulfills all the requirements to apply for a patent, and there are no other previously filed patents, then it’s time to apply for your patent. Patent filing requires money. Patents have filing fees and maintenance fees over the life of the patent and a large amount of money is required for the defence of the patent. If your idea fulfills all the requirements to apply for a patent, and there are no other previously filed patents, then it’s time to apply for your patent. But before filing a patent make sure that the patent generates enough profit to justify the expenses associated with its filing.

It is advisable to seek legal counsel and advice before filing a patent and get patent professional involved for writing and filing patent.  

Patent filing in India involves the following steps for Idea for business protection-

i) Pen down your invention with as much detail as possible including drawings/ diagrams that explain the working or concept of invention. Brainstorm terms that effectively describe your invention along with their synonyms.

ii) Next step is to find out if the invention meets all the patentability criteria for the country in which the patent application is to be filed. Check the patentability of your invention by performing a search for similar technologies. A detailed patentability search helps determine the chances of getting a patent. Conduct In-depth review of patents as well as non-patent literature and electronic publications like books, journals, websites, technical catalogs and conference for similarity to your invention.

iii) If your invention is novel and meets all the patentability criteria, draft the provisional/ non-provisional application depending on the stage of your invention. If you are at the stage where you have complete information about your invention then you can directly go for complete specification. However if the invention is still in the development mode and tests are underway, it is a good idea to quickly file a provisional application to establish priority. Filing of the provisional application gives you 12 months of time to test and finalize your invention and file the complete application.

iv) Up on filing the complete specification along with application for patent, the application is published after 18 months of first filing. This is an automatic event and you need not make any request. However, if you wish to get your application published earlier, you can make a request for early publication (Form 9) and your application will ordinarily be published in 1 month from the request.

v) A request for examination is filed after which the patent application is examined.  by a patent examiner and the examiner creates a First Examination Report (FER). During the process of examination, the examiner will closely inspect the application to ensure that the application is in accordance with the patent act and rules. The examiner also performs a search to understand similar technologies to ascertain if the invention would satisfy the patentability criteria. Based on the analysis, the examiner will issue an Examination Report to the applicant, stating the grounds for objections.

vi) Once, the First Examination Report is issued by the examiner, the patent applicant needs to successfully overcome the objections to receive a patent grant. The inventor and patent professional create and send a response to the examination in order to  clear all the objections of the examiner. The whole process may involve responding to examination reports, appearing for hearing, etc. The ideal opportunity for putting an application all together for grant is 6 months (earlier 12 months) from the date on which the FER is issued to the applicant. However, this 6 month period can be extended for a period of 3 months by the applicant by filing a request for extension of time (Form 4).

vii) After all the objections are cleared, the patent is granted and is published in the patent journal.

Client Testimonial for Protecting Idea for Business:

RAJIV VERMA

Director at Wide Range International

June 24, 2017, Rajiv worked with Prity Khastgir IPR in different groups

It’s my absolute pleasure to recommend Ms. Prity Khastgir as a seasoned patent and trademark attorney in Intellectual Property portfolio research, cross border technology transactions, license agreements, etc.

Prity and I are business-friends and are known to each other for quite some time now.

I thoroughly enjoyed my time working with Prity, and came to know her as a truly valuable asset to absolutely any team. The grasp on subject matter is absolutely great along with a ability to summarise even the complexly wired matter pertains to IOTs and mobile applications, Software Development, Therapeutic Bilologics, Food Science, etc.

She is honest, dependable, and incredibly hard-working. Beyond that she exhibit a “Keep It Simple and Straight” principle

Along with her undeniable talent, Prity has always been an absolute joy to work with. She is a true team player, and always manages to foster positive discussions and bring the best out of people around her

Best Wishes
Rajiv Verma

Idea for business, Idea for business law firm India