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.
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.
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