Five Tips for BIZ Experiencess Looking to Draw Their Start-up's IP Strategy If Prime Minister Narendra Modi is looking at doubling India's current GDP figures by 2025, it is not an option but an imperative on us to develop IP-based innovation

By Vanita D'souza

Opinions expressed by BIZ Experiences contributors are their own.

You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.

Unlike India, developed economies like the US and Europe have a clear intellectual property (IP) regime, where the focus is on enforcement, protection and there is clear ledger regime with stronger laws. Therefore, when one looks at the IP intensive industry's contribution to US GDP, it is up to 34 per cent whereas 32 per cent for the UK. Even India's distant neighbours, Japan and South Korea give a strong emphasis on IP creation.

Therefore if Prime Minister Narendra Modi is looking at doubling India's current GDP figures by 2025, it is not an option but an imperative on us to develop IP-based innovation so that we become competitive globally, shares Manmohan Singh, Senior Consultant, Frost & Sullivan.

In a conversation with BIZ Experiences India, Singh shares five tips for BIZ Experiencess looking to develop their companies IP strategy

#Leadership Led

There is hardly any awareness related to IP issues in areas such as ideation, identification, protection across the value chain. Hence, the expert suggests BIZ Experiencess to understand what these issues are and try to draw a clear approach on how to deal with it.

The practical solution is that the strategy should be leadership led either by the founder or the CEO of the company so that this becomes the culture of the organization and IP is not just created but also protected and monetized

#In Line With Corporate Strategy

The IP strategy should not be an add-on approach where you employ sources whenever the need arises. Instead, it should be in sync with your corporate strategy.

#Expert on Board

It is not necessary that you would always understand the legal and the technical nuances related IP.

Therefore, Singh recommends BIZ Experiencess to employ a technical person or get an expert on board as an advisor who can help you understand the IP-related issues and draw the roadmap for you.

#Respect Others IP

Most of the problem arises to IP infringement. Hence, BIZ Experiencess should develop a mechanism that no one in the organization intentionally infringes others IP.

In simple words, a start-up should not only be aware of their IP but also respect others IP, Singh added.

#Learn From Big B

A lot of the Indian MNC have well-developed IP strategy. An BIZ Experiences can understand their policies and make a note of the best practice followed by the industry peers.

These practices can help them formulate a comprehensive IP strategy, the expert pointed out

Vanita D'souza

Former Senior Correspondent, BIZ Experiences India

I am a Mumbai-based journalist and have worked with media companies like The Dollar Business Magazine, Business Standard, etc.While on the other side, I am an avid reader who is a travel freak and has accepted foodism as my religion.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for BIZ Experiencess to pursue in 2025.

Science & Technology

AI Isn't Plug-and-Play — You Need a Strategy. Here's Your Guide to Building One.

Don't just "add AI" — build a strategy. This guide helps founders avoid common pitfalls and create a step-by-step roadmap to harness real value from AI.

Business News

Here's How Much Google Software Engineers, Product Managers, and Data Scientists Make in a Year

Data revealed in federal filings shows how much Google is compensating its employees.

Leadership

Why the World's Best CEOs Are Training Like Athletes — and How You Can, Too

Here's what best-in-class leaders can learn from the habits, discipline and mindset of elite performers.

Business Solutions

Boost Team Productivity and Security With Windows 11 Pro, Now $15 for Life

Ideal for BIZ Experiencess and small-business owners who are looking to streamline their PC setup.

Business News

Here's How Much a Typical Microsoft Employee Makes in a Year

Data from thousands of new federal filings shows how much Microsoft is paying its employees, from software engineers to product designers.