By Tarun Kumar Bansal
Ease of Doing Business for MSMEs: India has been on the centre of incremental innovation, the place companies have been making small enhancements to present merchandise/providers. The previous few years have additionally seen the emergence of startups with the potential to open doorways to new markets. This mixture has helped the nation climb up the innovation ladder. India scored forty sixth rank within the Global Innovation Index 2021 by the World Intellectual Property Organization (WIPO), a leap of 35 spots from the 81st place in 2015.
Although Indian corporations have been innovating, there nonetheless lies the considerable untapped potential to develop new applied sciences, particularly amongst Micro, Small and Medium Enterprises (MSMEs). While MSMEs contribute to round 30 per cent of India’s GDP, they’ve a a lot greater position to play in inventing new applied sciences and markets for the nation to emerge as a world innovation chief. But their small scale and scarce sources preserve them from capturing improvements on the proper time, calling for an impetus to drive them in direction of innovations and creativity.
The spirit of innovation will be accelerated by diligently following its three levels of making one thing new available in the market, i.e., conceiving, figuring out, and speaking. There are easy methods to enhance on all three steps and full the virtuous cycle of innovation.
One should first conceive an thought with the potential to rework right into a profitable enterprise resolution earlier than it may be explored and exploited. Revolutionary concepts don’t simply merely pop up within the thoughts. An atmosphere that nurtures creativity and helps germinate concepts is essential. Training applications and workshops will be instrumental on this regard. These classes will help unleash the innovation capabilities of the younger, expert, and educated Indian inhabitants. In addition, these coaching classes and workshops also can assist MSMEs to conduct patent searches on their very own throughout the innovation and technical databases which finally helps them to slender down the suitable areas to innovate. In a nutshell, they get a transparent and centered imaginative and prescient which is crucial for locating higher options to client issues.
A powerful rewards and recognition program, whatever the IP worthiness of the result, can assist in motivating and inspiring individuals to give you out-of-the-box options. Another problem that MSMEs face in innovating is the dearth of means and supplies. Research and improvement departments are routinely strapped for sources essential for innovation. MSMEs in search of to develop should allocate enough sources for R&D groups, advertising and marketing items, and many others.
Identifying a Worthy Idea
Identifying the IP worthiness of a brand new thought is one other space with a lot work to do. Indian MSMEs and startups usually don’t notice the total potential of their nice innovations and defend their creation with related IP rights. The share of patents granted for MSMEs is projected anyplace between 2.8 to 23.4 per cent of all of the patents granted to Indian residents by the Indian Patent Office. It is widespread for R&D groups at MSMEs to imagine that one thing very complicated and of rocket science degree will be patented, which isn’t true. This factors towards the low IP consciousness amongst MSMEs. As a countermeasure and to determine what will be IP-worthy, MSMEs ought to conduct searches throughout patent databases and take a look at the patents filed by their opponents.
Inventions with nice potential usually wither away in obscurity simply because inventors didn’t successfully convey the concept to customers. With their restricted sources and capabilities, MSMEs often discover it tough to capitalize on the facility of communication. Conclaves, expos and native exhibitions are nice platforms for small companies to diffuse their concepts and innovations. The Government of India can also be taking initiatives to supply MSMEs with a platform and probability to compete with business leaders. More such alternatives will solely encourage corporations to place a highlight on their artistic options.
Fortunately, MSMEs are studying the necessity and influence of innovation and IP on their sustainability, and Flash Electronics v. Royal Enfield is the proper instance. The automotive-products producer filed a lawsuit within the US in opposition to the long-lasting Indian bike maker for infringing on its “Regulator Rectifier Device and Method for Regulating an Output Voltage of the Same.” Flash Electronics demanded that Royal Enfield cease infringing on the patent and compensate it for the violation. Had Flash Electronics been unaware of their novelty and didn’t garner protecting rights, any firm might have simply continued to duplicate their merchandise and run them out of enterprise.
India – A Goldmine to Pursue Innovation
Any creating nation akin to India, with an immense younger inhabitants, rising disposable revenue, and inclination for higher services, is a goldmine for small companies to pursue innovation. India is a novel market with a demographic variation hardly ever seen anyplace else on the earth. That is why various advertising and marketing segments with their calls for for personalized services make it a really perfect place for MSMEs to innovate and cater to customers’ wants.
Many world enterprise leaders imagine the twenty first century to be the ‘Indian Century’, and MSMEs should ship their artistic finest for this dream to come back true. Perhaps the following world-changing and generation-defining thought will crop up from one among India’s 6.3 crore MSMEs.
Tarun Kumar Bansal is President of Sagacious IP. Views expressed are the creator’s personal.