Intellectual Property Rights and MSMEs: Bridging the Gap
The Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in adding to the growth and success of a country’s economy. However, when it comes to the protection and management of their strategies and ideas, they often lose out. Hence, there is a dire need for emphasizing Intellectual Property Rights (IPRs) that can safeguard the innovations and creations of MSMEs in the present highly competitive global economy. MSMEs may get attracted to several elements of Intellectual Property (IP), including trademarks, trade secrets, etc. Nevertheless, as per the MSME’s perspectives, some IPs sound more relevant than others to protect their assets. For instance, a trademark that is known for securing the unique identity of any product or service can be an important IPR to prevent misuse of name, logo, or other assets of MSME. It is an IP that gives a unique identity to any product and helps its producer to gain credibility, which ultimately bestows him with monetary benefits. On the other hand, MSMEs whose business models depend on new and unique designs that are not already available in the market need IPR to protect their original designs. As the requirements vary according to the assets and MSMEs, it is imperative to understand and then implement the IP Protection.
Sources of IP Awareness One of the best ways to get information about IP is through IP awareness programs. Considering that IP has become an integral part of several businesses, many institutions such as the National Institute for Micro, Small and Medium Enterprises, Intellectual Property Facilitation (IPFC), Confederation of Indian Industry (CII), National Institute of Intellectual Property Management,