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Tag: Intellectual Property

  • Essential Business Lessons You Learn from Shark Tank India

    Shark Tank India is a Hindi-language reality television series on Sony Entertainment Television. The program is an Indian adaptation of the famous American show Shark Tank. The first season of Shark Tank India debuted in December 2021. It gained popularity quite rapidly and is currently among the most-watched television programs. 

    The show involves a panel of potential investors known as “Sharks,” who listen to entrepreneurs pitch, their ideas for a business or product they want to create. These self-made multimillionaires evaluate the company ideas and products put forward before deciding whether to invest their money in bringing them to market and providing guidance to each contestant.

    Shark Tank India is now a leading source of entrepreneurial insights, providing experienced and aspiring business enthusiasts with knowledge. In this article, we’ll look at the most important lessons any business can learn from the tank, providing a road map for success in today’s fast-paced corporate atmosphere.

    More Lessons Can Be Learned From Failure Than From Success
    Success Is Driven by Passion
    Presentation Is Key
    Seek Feedback Whenever Possible
    Safeguard Intellectual Property Rights
    Stay Informed of Technological Developments
    Watch the Numbers
    Analyze Your Business
    Differentiate Yourself From the Competition
    Be Creative but Sensible
    Be Honest

    More Lessons Can Be Learned From Failure Than From Success

    In the fast-paced and competitive world of entrepreneurship, fear of failure can hinder success. Failure is not a dead end but a stepping stone towards your ambitions. Only when you are rejected you take another look at your proposals and find any gaps or deficiencies.

    Rather than discouraging people, Shark Tank India depicts failure as a motivation. Entrepreneurs who have faced rejection often come back with new determination, armed with lessons learned from previous experiences. This resilience and willingness to learn from failure is the drive that pushes you toward tremendous success in the future.

    Success Is Driven by Passion

    A recurring ideology on Shark Tank India is the passion that entrepreneurs bring to their pitches. A passionate pitch attracts investors’ attention, establishing a relationship beyond the product or service delivered. Investors only invest when they trust in the individual over the concept itself. Being passionate means you are eager to go to any length to impress, encouraging you to think outside the box and create an exceptional product.  

    Passion connects people outside of the context of Shark Tank. Entrepreneurs who sincerely believe in their products or services are more inclined to form genuine relationships with their target audience. This enhances word-of-mouth marketing strategies and builds up customer loyalty towards the business.

    Presentation Is Key

    Presentation is an essential factor that should never be disregarded. Presenting a product in isolation may not be as effective as integrating it into a relatable and captivating story since products and services frequently exist within the framework of a bigger narrative. Entrepreneurs who succeed in the storytelling element create a stronger impression on investors. 

    A well-crafted presentation demonstrates that the entrepreneurs spent hours preparing and refining their content. When you only have a limited amount of time to make your pitch, being equipped with fundamental principles and concepts will help your project get traction and show investors that you value both their time and your own.

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    Seek Feedback Whenever Possible

    Entrepreneurs often feel a strong emotional attachment to their businesses, making it challenging to detect flaws or blind spots objectively. In any entrepreneurial journey, feedback is crucial. It helps you understand how others will perceive your product or service and what improvements you can make to better it. Identifying blind spots is vital for making informed decisions and addressing potential difficulties.

    On Shark Tank, these entrepreneurs benefit from the extensive knowledge of the “sharks.” If you hear similar feedback from multiple individuals, that is an essential topic for improvement. Whether it’s about pricing, marketing, or operations, the Sharks’ insights help businesses reassess the strategies they have in mind. Recurring feedback identifies opportunities.

    Safeguard Intellectual Property Rights

    Intellectual property refers to a wide range of intangible assets, including patents, trademarks, copyrights, and trade secrets. Depending on the type of business, every kind of protection has specific purposes and needs to be considered. These assets represent the different ideas, innovations, and creative works that set a company apart. Intellectual property rights protect you from possible legal issues, such as the possibility of rivals suing you for infringement, and they also create a framework for handling future disputes.

    If your product is distinctive, the first question investors will ask is if it is patented. Sharks will be hesitant to invest in your firm if your product is not patented, as unpatented products are more inclined to be copied.

    Stay Informed of Technological Developments

    In a world where innovation is king, businesses that adopt new technologies and welcome technological developments stay relevant and prosper. Customer expectations constantly change; every business plan must adapt to meet these needs. The key to making this work is to keep an innovation-learning mentality. 

    Set up Google Alerts for essential technologies, developments, and leading firms in your industry vertical. Automated alerts make it simple for you to stay updated on news events. Analyze and experiment with the potential applications of these developing technologies in your business. Instead of innovating only for the sake of innovating, correlate your innovations to actual business problems that correspond with the company’s goals. Shark Tank knowledge helps entrepreneurs understand how to pitch their business ideas effectively to secure funding and mentorship from sharks.

    Watch the Numbers

    Shark Tank India understands that financial literacy is essential for business success. Entrepreneurs should be familiar with their financial accounts, which include sales, expenses, profit margins, and cash flow. 

    Businesses that embrace data-driven decision-making can better evaluate risks, spot opportunities, and manage their companies. Regular analysis allows problems to be identified early while they are still minor and more accessible to fix. 

    Financial literacy goes hand in hand with risk management. Entrepreneurs are better equipped to apply risk-mitigation techniques if they can identify and measure financial threats. This proactive strategy safeguards the company and indicates a commitment to its continued success. They are also more capable of growing their business without endangering their steady income.

    Analyze Your Business

    Analyzing your business is essential for gaining comprehensive insight. By assessing internal aspects, entrepreneurs can discover their company’s strengths and weaknesses, resulting in a more resilient business. Conducting an analysis also enables you to capitalize on numerous business prospects. This could involve expanding your product range, entering a niche market, or altering your pricing strategy. Entrepreneurs who give a well-thought-out SWOT (strengths, weaknesses, opportunities, and threats) analysis display readiness and a thorough awareness of their business landscape. This can effortlessly increase investor confidence in the firm.

    Differentiate Yourself From the Competition

    A company’s ability to retain customers is crucial to its success. 

    In retention marketing, repeat rate is a key performance indicator that needs to be consistently upheld. Differentiation is a survival strategy in markets flooded with comparable products or services. Since USPs significantly impact a company’s performance in a crowded market, knowing and emphasizing them becomes strategically important. This brand distinctiveness contributes to brand recall. 

    Successful enterprises frequently address unmet market needs or complaints. Shark Tank India entrepreneurs are urged to find market gaps and position their products or services as answers to these issues. Differentiation encompasses more than just the product; it includes the customer experience.

    Be Creative but Sensible

    Entrepreneurs dip their paintbrush in the palette of invention, proposing cutting-edge concepts that fascinate the investors. However, each innovation must be built on market relevance and a deep understanding of consumer demands. This lesson is about having big ambitions but ensuring that your ideas are grounded in reality and address issues people face. Build small-scale prototypes of innovative ideas quickly, test critical assumptions, solicit customer input, and improve based on findings before deploying complete resources. Take risks, but be careful not to be reckless.

    Be Honest

    Honesty isn’t just the right thing to do; it’s also smart for business. Entrepreneurs who are open and truthful earn trust and build good reputations. In a world where trust is rare, being honest is a strong way to create and keep good relationships.

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    Conclusion 

    In conclusion, Shark Tank India imparts priceless knowledge that opens doors for successful business ventures. These lessons, which range from the creative spark of invention to the strategic dance of financial literacy, serve as an in-depth blueprint for firms desiring survival and sustained growth in today’s dynamic corporate landscape. The combination of creativity, resilience, strategic thinking, and a dedication to continuous learning defines the core characteristics that any entrepreneur needs to have to overcome challenges and achieve success.

    FAQs

    What is Shark Tank India?

    Shark Tank India is a Hindi-language reality television series on Sony Entertainment Television. The show involves a panel of potential investors who listen to entrepreneurs pitch, their ideas for a business or product they want to create. These self-made multimillionaires evaluate the company ideas and products put forward before deciding whether to invest their money in bringing them to market and providing guidance to each contestant.

    Who is the richest Shark in Shark Tank India season 4?

    Ritesh Agarwal, founder and CEO of OYO is one of the richest sharks in Shark Tank India.

    Who will be the sharks in Shark Tank India?

    Vineeta Singh, Peeyush Bansal, Namita Thapar, Anupam Mittal, Amit Jain, and Aman Gupta are the sharks in Shark Tank India. Season three of the show will feature six new sharks including Ritesh Agarwal (OYO), Deepinder Goyal (Zomato), Azhar Iqubal (Inshots), Radhika Gupta (Edelweiss Asset Management Limited), Varun Dua (Acko) and Ronnie Screwvala (upGrad), Kunal Bahl (Snapdeal), and Viraj Bahl (Veeba).

  • Piyush Goyal, Minister of Commerce, Introduces Trademark Search Module and IP Chatbot Powered by AI

    On 18 September 2024, in New Delhi, the Artificial Intelligence (AI) and Machine Learning (ML) based Trademark Search Technology and IP Saarthi Chatbot were unveiled to the public by Piyush Goyal, Union Minister of Commerce and Industry.

    The search technology would enable faster clearance of trademark applications in a manner that is both more efficient and accurate, according to Goyal, who made this statement during the inaugural event. In addition to this, he expressed the expectation that the platform would be able to resolve trademark-related problems and said that the incorporation of official languages into the updated editions would establish this search module as a standard in the entire world. Speaking about the debut of the search module and the IP chatbot, the Minister mentioned that the quality of patent disposals will also increase.

    He also mentioned that the government is trying to combine technologies based on artificial intelligence and machine learning to expedite the clearance of designs. Furthermore, the Minister emphasized that artificial intelligence tools that are controlled by the government should be compatible with devices that have all user interfaces and a variety of technological equipment to facilitate speedier adoption.

    Elaborating on the benefits of AI-powered IP Chatbot, Rashmi Kulkarni, Co-founder & Director of IndoAI Technologies Pvt. Ltd. stated, “The AI-powered IP Chatbot introduced by Piyush Goyal offers several tangible benefits, particularly in simplifying the intellectual property (IP) management process. One of the key advantages is its ability to provide real-time assistance for common IP-related inquiries, helping users—especially startups, small businesses, and first-time applicants—navigate the often complex legal and administrative procedures of IP registration.”

    “By offering 24/7 access to information, the chatbot eliminates the need for individuals to rely on human assistance during working hours, which can result in faster resolutions to queries and significantly reduce waiting times. The chatbot can guide users through trademark registration, patent filings, or copyright issues, thus enhancing the overall user experience,” she added further.

    Adding further on that note, Dipal Dutta, CEO & Founder- RedoQ opined, “In India, a business or an individual had to wait two to three years after making a patent application to get a product registered. Such a long patenting period was detrimental to the businesses as it delayed the products’ entry into the market. Hopefully, the newly launched AI-powered trademark search module will expedite the process allowing the companies to register the products quickly. The new tool could be very handy, especially for startups and emerging businesses who do not always have large capital to sustain through the ideation phase.”

    “The integration of the IP Saarthi Chatbot is also a practical solution for assistance with the IP registration system. The chatbot will help users, particularly those new to the process, understand the steps involved and avoid common pitfalls,” he explained further.

    Steps Taken by the Government to Encourage Innovations

    According to Goyal, the process of women submitting patent applications has undergone a significant alteration over the past ten years. According to the Minister, the decision to decrease the costs that are collected for patents by 80% for startups, micro, small, and medium-sized enterprises (MSMEs), women entrepreneurs, individuals, and academic institutions was made in order to promote innovators.

    The Trade Connect e-Platform, the Jan Sunwai Portal, the ECGC’s new online service portal alongside a revamped in-house SMILE-ERP system, BHASKAR – the one-stop shop for everything a startup needs, and the Trademark Search technology today are the five technology-based services that were launched in a single week.

    Deepak Syal, Director, GreyB Services stated, “Just as UPI took complex banking functions and put them in the hands of everyday people, this tool by the Ministry of Commerce and Industry has simplified the intricate and often confusing world of IP law, making it accessible to everyone. When you take something as powerful as intellectual property—fueling innovation and creativity—and make it as easy to navigate as sending a text, you spark a revolution. This AI tool has simplified a system historically locked behind layers of bureaucracy and legalese. Now, both the solo entrepreneur running a startup in a Tier III city and the employee of a large organization in Bangalore can gain clarity on how to manage their ideas.”

    “Like most legal matters, obtaining a trademark has always been complex and expensive. It needs time, money, and legal expertise. But now, technology offers a positive change. AI promises to make securing trademarks easier and faster,” opined Mahesh Maan, Data Scientist, GreyB Services

    Goal of DPIIT

    With the introduction of its Artificial Intelligence (AI) and Machine Learning (ML)-based Trademark Search technology, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry intends to transform intellectual property management.

    Key Features of New Technology

    • Advanced AI and ML algorithms for precise trademark identification
    • Streamlined search processes for domestic and international businesses
    • Enhanced protection capabilities for trademarks

    This significant technological advancement demonstrates India’s commitment to developing an intellectual property environment that is strong, efficient, and user-friendly. This serves as a monument to the efforts that the government has made to streamline intellectual property procedures, which will be of advantage to inventors and policymakers on a worldwide scale.

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  • Key Considerations for Licensing Your Intellectual Property

    This article has been contributed by Ada Shaharbanu, Senior Associate, Spice Route Legal.

    Licensing intellectual property is a strategic and largely commercial play that involves a nuanced mix and match of rights and obligations. This note aims to provide an overview of considerations that businesses should assess while licensing their intellectual property to users who require such licences for their operations.

    Key Considerations in Licensing Agreements

    Key considerations that should be captured in suitable contractual arrangements typically arise from various factors, including the commercial intent between the parties, the bargaining power of each side, the licensee’s ability to rely on other vendors, whether the intellectual property is being licensed for a development project, general software-as-a-service (SaaS) requirements, or specific customisations, the ability to collaborate with the licensee’s competitors, whether it is a distributor or reseller arrangement, and the importance and uniqueness of the product with attached intellectual property rights, among others.

    Defining the Scope of the License

    While negotiating a licence clause, a licensor should closely analyse the scope of the licence that is provided to potential licensees. While intellectual property requirements and enforcement vary across jurisdictions, most jurisdictions recognise rights that are automatically vested upon intellectual property owners, usually as a result of the creation of the concerned property that the rights are associated with. Defining the scope of the licence becomes crucial, as the commercial benefits from that intellectual property will be closely linked to the defined scope.

    Flexibility in Defining Licence Rights

    Licensors have the flexibility to define and restrict rights to align with specific business strategies. They might limit usage to specific regions or industries to avoid conflicts with other licensing agreements or to maintain exclusivity in certain markets. These restrictions help in managing and maximising the value of their intellectual property. Geographic or industry-specific restrictions might limit a licensee’s operational flexibility. Clear language on rights will help licensees assess whether the product fits their needs and avoid potential legal issues.

    Licensors should therefore expressly specify the rights available to licensees and (also) expressly specify the rights not available to them for better clarity, with a confirmation that licensees will not receive any ownership interest, where relevant. Knowing the limits will also help licensees avoid inadvertently breaching their agreement with licensors. Limiting or restricting licences may not, however, (always) be possible, especially in situations where licensees invest heavily in product or software development – they would typically insist on broad licence terms so that they have the flexibility to utilise the product across departments and applications. Unrestricted licences are typically seen for high-value deals where the licensee is willing to pay a premium.

    Exclusive Licences and Strategic Decisions

    Offering exclusive licenses can be a strategic decision for licensors, allowing them to charge higher fees to grant specific rights. However, this limits their ability to license the product to others, so they must ensure the exclusivity premium justifies the potential revenue loss from other possible users. Exclusive licences are particularly important for distributors seeking to dominate specific markets.

    Revocability of License Terms

    Licensors should also closely study the revocability of their licence terms. Granting an irrevocable licence means giving up significant control, as the licensor cannot revoke the rights even in cases of breach by the licensee. Licensors ought to weigh this against the stability it offers to licensees, and reserve irrevocable terms for high-value or long-term relationships. Licensees naturally value irrevocable licenses for the security they provide, ensuring they can continue using the product regardless of potential disputes. This is particularly crucial for mission-critical applications where continuity is essential.

    Payments and Financial Considerations

    Payments and taxes are another significant aspect that licensors should contemplate. Licensees are likely to insist on royalty-free licences to avoid recurring expenses and budget management. However, licensors must ensure that the payment structures adequately compensate for the lack of ongoing royalties.

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    Sublicensing and Transfer Rights

    Licensees may generally also insist on the ability to sublicense or transfer rights to third parties, such as partners or clients. It allows them to extend the licence’s benefits throughout their supply chain or client base. Licence offerings should carefully be structured to avoid the uncontrolled proliferation of their product. Clauses to regulate sublicensing or assignment should therefore be included within contracts. Further, licensors need to contractually differentiate between transfers and sublicenses to maintain necessary control over their intellectual property. Sublicences are intended to allow for broader distribution rights while generally keeping the primary licensee accountable, while a right to transfer may allow licensees to easily transfer licences in the event of an assignment or other similar change of control events.

    Preventing Unauthorised Use

    Licensors should also, where possible, insist on specific terms regulating unauthorised access to their intellectual property and list out specific scenarios and examples of unauthorised use of licensees. Again, whenever possible, licensors should insist on providing their own draft agreements, as these will be tailored to accurately reflect their technology, product structure, and licensing arrangements.

    Managing Copies and Modifications

    Usually, licensors should consider limiting copies a licensee can make to prevent unauthorised distribution and loss of control over their product. However, large companies often negotiate for unlimited or multiple copies of the licence to facilitate broad use across teams. In such cases, licensors may offer enterprise licences, which are customer-friendly and eliminate the need to track unauthorised users.

    Licensees often require the ability to modify software to tailor it to their specific needs and integrate it with other systems. Allowing modifications and the creation of derivative works can be a double-edged sword for licensors. While it can enhance the licence’s value and adaptability, it may also lead to versions that deviate from the original intent or quality standards. Licensors must balance these risks by setting clear boundaries and conditions. Clear rights to modifications would also help licensees avoid legal pitfalls and ensure seamless customisation.

    Termination Clauses and Transition

    Finally, licensees should prepare for the implications of termination clauses, while they seek agreements that allow sufficient time to transition away from the product and ensure that their operations are not abruptly disrupted. Ensuring that licensees cease using their products upon termination is vital for licensors to protect their IPs from continued unauthorised use. Clear termination clauses help licensors reclaim control over their products and prevent potential revenue losses from ongoing exploitation.

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  • Complete Guide on Intellectual Property, Patents, and How Is It Beneficial for Your Business?

    Intellectual property (IP) is a term that is often heard, but what does it mean? IP refers to creations of the mind, such as inventions, literary and artistic works, and symbols, names, and images used in business. It is protected in law by patents, copyright, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create.

    Different types of intellectual property exist for the protection of individual business secrets. Understanding the legalities and regulations around copyrights, trademarks, and patents is essential for people who want to protect their intellectual property rights.

    Article 27 of the Universal Declaration of Human Rights, talks about the protection of ethical and material interests resulting from any scientific, literary or artistic production of any creator or author.

    Patents grant creators an exclusive right to stop others from commercially exploiting their inventions without permission. Copyright protects original works of authorship including literary, dramatic, musical, and artistic works such as songs, books, paintings, and photographs. Trademarks protect distinctive marks, logos, or symbols that identify a product or service and distinguish it from others.

    History of Intellectual Property
    Importance of Intellectual Properties for Businesses
    Types of Intellectual Properties:

    How to Decide Whether Your Business Needs a Trademark, Copyright, or Patent?
    Trademark, Copyright, or Patent Requires an Attorney?
    Costs Involved in the Application of Intellectual Property Protection
    Consequences of Violation of Intellectual Property Rights

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    History of Intellectual Property

    Logo of World Intellectual Property Organization (WIPO)
    Logo of World Intellectual Property Organization (WIPO)

    The legal development of copyrights, trademarks, and patents has been a key part of the development of society. In 1624, England passed the first copyright law to protect authors from having their works copied without permission or compensation.

    In the 18th and 19th centuries, copyrights were expanded to cover more works such as software, maps, motion pictures, and even compilations of facts. The concept of protecting trademarks and logos was developed in the late 1800s with the creation of the Paris Convention for Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886) which was later followed by the Madrid Agreement for Repression (1891).

    Since then, countries around the world have continued to develop their laws and regulations to protect intellectual property rights based on the above laws. IP promotes ease of doing business and allows smooth transfer of technology.

    World Intellectual Property Organization (WIPO) is responsible for IPR protection and its sole authority for IP Rights. The above treaties were also facilitated by WIPO.

    Importance of Intellectual Properties for Businesses

    The IP system seeks to create an environment where innovation and creativity can flourish by finding the correct balance between innovators’ interests and the larger public interest.

    Businesses need to understand how IP protection works and take steps to protect their creations. Through copyrights, trademarks, and patents, businesses can enjoy the monetary benefits of their innovations while also safeguarding them from misuse and exploitation.

    Ultimately, this encourages further investment in creativity, allowing more people to benefit from originality and innovation. IPR is responsible for well being of human growth and its capacity to create and innovate new things for humanity.

    Types of Intellectual Properties:

    Copyrights

    Copyrights are a form of protection provided to the authors or creators of original works. This includes literary, dramatic, musical, and artistic works such as books, movies, music, photographs, and software. The copyright owner has exclusive rights regarding the reproduction and distribution of their work.

    Table of copyright duration by country (Source: Wikipedia)

    Countries Copyright terms based on author’s deaths Copyright terms based on publications and creation dates
    Australia Life + 70 years Life + 50 years (death before 1955) 70 years from publication (sound recordings, cinematograph films) and 50 years after making (television broadcasts and sound)
    Canada Life + 70 years (except certain posthumous works) Life + 50 years (death before 1972) 75 years from publication or 100 years from creation, whichever is shorter (anonymous works)
    Denmark Life + 70 years –
    European Union Life + 70 years Anonymous or pseudonymous works only: "70 years after the work is lawfully made available to the public" (Art.1(3)). Protection ends if the work is not made available within 70 years from creation. (Art.1(6))
    Finland Life + 50 years 50 years from publication and creation (sound recordings, television broadcasts, sound broadcasts, and photographic works)
    France Life + 70 years (except posthumous works published after this term)* 70 years from publication (pseudonymous, anonymous or collective works)
    Germany Life + 70 years 25 years from first publication or first public performance if copyright has expired before such publication or performance, or if the work has never been protected in Germany and the author died more than 70 years before the first publication
    Hong Kong Life + 50 years (literary, dramatic, musical or artistic works with known authorship) Life + 50 years (Films) 50 years from publication or if unpublished 50 years from creation (literary, dramatic, musical or artistic works with unknown authorship)
    India Life + 60 years (except posthumous works) 60 years from publication (posthumous works, photographs, cinematograph films, sound recordings, works of public undertakings, and works of international organizations)
    Iran Life + 50 years 30 years from publication (photographic or cinematographic works)
    Israel Life + 70 years 50 years from publication (photographs created until May 2007)
    Italy Life + 70 years 70 years from publication (anonymous or pseudonymous work)
    Japan Life + 70 years 70 years from publication, or if unpublished, 70 years from creation (cinematographic works)
    South Korea Life + 70 years (amended on 2011-06-30) 70 years from publication
    Netherlands Life + 70 years 70 years from publication (anonymous or pseudonymous work, corporate works with no listed natural author)[
    New Zealand Life + 50 years (literary, dramatic, musical, or artistic work) 50 years from creation (computer-generated work)
    Pakistan Life + 50 years –
    Russia Life + 70 years Life + 74 years (for those who fought 1941-45) 50 years from creation and 70 years from publication (anonymous works
    Taiwan (Republic of China) Life + 50 years (except posthumous works first published 40 to 50 years after death) 50 years from publication (anonymous or pseudonymous work)
    Turkey Life + 70 years 70 years from publication for work-for-hire
    United Arab Emirates (UAE) Life + 50 years –
    United Kingdom Life + 70 years If multiple authors are involved the + 70 years after last author’s survival 70 years if the author is unknown or unknown
    United States Life + 70 years (works published since 1978 or unpublished works) 95 years from publication or 120 years from creation whichever is shorter (anonymous works, pseudonymous works, or works made for hire, published since 1978)

    Patents

    Ranking of the national patent offices with the most patent grants in 2021
    Ranking of the national patent offices with the most patent grants in 2021

    Patents protect inventions, from a new type of machine to an innovative product or process. The patent owner has exclusive rights to exploit the invention commercially and prevent others from using it without their permission. There are two types of patents utility patents and design patents.

    Trademarks

    Trademark applications, total - Country Ranking
    Trademark Applications Country’s List 2019

    Trademarks are signs used to distinguish the goods or services of one company from those of another. This can include words, phrases, logos, designs, and symbols. Trademark owners have the exclusive right to use their trademark and prevent others from exploiting it without their permission.

    Trade secrets

    Trade secrets are confidential information related to a business that has commercial value. This can include recipes, customer lists, pricing strategies, or manufacturing processes. Such information is protected from unauthorized use or disclosure and its owners have exclusive rights over the exploitation of the secret.

    How to Decide Whether Your Business Needs a Trademark, Copyright, or Patent?

    IP Right applications 2019 2020 Growth (%), 2019-2020
    Patents 3,226,100 3,276,700 1.6
    Trademarks * 15,130,000 17,198,300 13.7
    Industrial designs * 1,361,000 1,387,800 2.0
    Plant variety 21,430 22,520 5.1

    Copyright and trademarks are typically available to protect creative works such as literary, artistic, or musical works. Patents can offer protection for inventions, products, processes, and methods of use.

    When creating a business plan, it is important to consider the various aspects of IP. This plan should consider what kind of IP might be appropriate for your business, the length of protection offered, the costs associated with protecting your IP, and how to ensure that your IP is adequately protected. By understanding the different forms of IP and their associated benefits, you can make informed decisions about which form of protection is most suitable for your business. This can help you to maximize the potential value of your products.

    It can be difficult to know how to apply intellectual property protections in a given context. Between trademark and copyright, there may be some overlap. Additionally, some odd works initially appear to defy classification.

    The following recommendations can help you defend some particular works and categories:

    • Names, phrases, and symbols associated with a brand or company can be trademarked.
    • Inventions are eligible for patent protection.
    • Novels and other books are generally copyrightable, though copyrights may have limitations depending on the jurisdiction.
    • Computer programs can be patented, but copyrights also apply to code in certain contexts.
    • The same IP protections that apply to works of art may also apply to graphic design. Like all creative written works, blogs get certain copyright rights the moment they are created, but to enforce those protections, you must register your blog entry.
    • Producing original music gives you copyright protections, but without registering it with the Copyright Office, you can’t use the federal court to assert your ownership rights.

    Trademark, Copyright, or Patent Requires an Attorney?

    Although it’s possible to apply for copyrights, trademarks, and patents without an attorney, it isn’t easy. An experienced attorney can help protect your work by ensuring that your registration is properly prepared and filed, and the process goes through without any issues.
    A lawyer who understands the IP law landscape can also provide invaluable advice on the best way to protect your work. Patent lawyers, for example, can advise a business on how to structure its portfolio of copyrights or trademarks to gain the most protection from existing laws and regulations. Ultimately, an attorney can help ensure that your IP is protected and maximize its long-term value.

    It is generally recommended that copyrights be registered with the United States Copyright Office. This registration grants creators an exclusive set of rights and protections, including the right to reproduce the work, distribute copies of it, perform the work publicly, display it in public, and make derivative works based on it.

    Trademarks come in two forms: common law and federal registration. Common law trademarks can be acquired without any filing or paperwork; however, registering a trademark with the United States Patent and Trademark Office gives you several benefits that are not available through common law protection.

    Patent attorneys are trained to understand the complex legal and technical aspects of patent law. They can help you make sure that your invention is eligible for a patent, advise you on how to protect your IP rights, file the appropriate paperwork with the United States Patent and Trademark Office, and represent you in court should any disputes arise.

    Costs Involved in the Application of Intellectual Property Protection

    Depending on the type of IP protection you need, the costs can range anywhere from a few hundred to thousands of dollars. Copyrights and trademarks are relatively inexpensive compared to patents, which can cost between $2,000 and $15,000 depending on the complexity of the invention. Hiring a patent attorney will add to the overall cost of protecting your intellectual property.

    By taking the proper steps to protect your intellectual property, you can ensure that no one else will benefit from what you have created without your consent. This includes safeguarding against unauthorized use or infringement. The costs associated with IP protection are a worthy investment for any innovator or creator.

    Consequences of Violation of Intellectual Property Rights

    Violation of Intellectual Property Rights is a serious offense. Copyright violations can lead to legal action and substantial fines, while patent infringements can lead to even more severe repercussions such as financial compensation or injunctions against the offender. Therefore, it is important to understand the laws associated with copyrights, trademarks, and patents to ensure that you are compliant with them and avoid any potential consequences.

    FAQs

    What Are WIPO Patents?

    These are exclusive rights given for the protection of an invention, which is new and has a procedure or invention that solves any problem.

    What Is Trade Secrets Example?

    Trade secrets cover manifold, information including:

    • Commercially valuable things like tech information or manufacturing-related information.
    • Combination of elements like Lab test data, design, and drawing, etc.

    Do Intellectual Property Laws Protect Trade Secrets?

    No, contrary to Patents, Trade secrets are protected without registration.

    How Many Types of Trade Secrets Are There?

    There are five types of trade secrets:

    1. Processes
    2. Formulas
    3. Databases
    4. Programs
    5. Business Operations

  • How to Do International Business? | Rules, Reflation, and Benefits

    The concept of ‘Globalization’ is deeply rooted in the history of various human civilizations. It refers to the growth and broadening scope of international economic exchange that is measured by trade and Foreign Direct Investment (FDI) flows. It encompasses different types of exchanges as well like capital, people, technology, ideas and effective institutional practices.

    Rules for Conducting International Business

    Reflation and International Business Expansions
    Benefits of Setting up an International Business Operation

    Rules for Conducting International Business

    Different countries have different guidelines and rules that apply to international business. A company engaged in international business operations is controlled by both, the host nation as well as the foreign country in which it conducts business. The company representatives are legally bound by the law of the land in which they operate.

    It is almost impossible to cover every law and rule that applies to every country within the scope of this article. However, there are certain common rules that apply to companies wishing to engage in international business:

    Global Export Value of Trade in Goods from 2015 to 2020
    Global Export Value of Trade in Goods from 2015 to 2020

    Labour and Employment Law

    Any hiring or subcontracting in a foreign country is subject to that particular country’s labour employment laws. It is prudent to engage in a detailed study of the compliances and benefits that affect the hiring process.

    International Trade Compliance – Import/Export, Sanctions

    Expansion of a business beyond its country’s borders invokes the national security and economic interests of the host country as well as of the country or countries of expansion. What products can be imported or exported, what are the current bans, and what sanctions and approvals are required, need a careful and detailed study. International business laws are harsh on corruption practices like bribing officials.

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    Corporate Structure for Conducting Business

    Depending on what is the proposed business, the best applicable corporate structure needs to be decided. It could be in the form of establishing its own branch, a subsidiary or working with an international partner or representative office. Each option is subject to its own costs, timelines and tax consequences of the country.

    Taxes

    It is probably one of the biggest considerations during an international expansion. It is prudent to carefully examine the tax structure, what threats and opportunities it presents and what are the tax consequences of doing business in a particular country.

    Intellectual Property

    Trademarks, patents, copyrights or trade secrets are all a part of a company’s intellectual property and its most valuable assets. Any protections for the same in the host country may not be applicable in another country. Sometimes, it is expensive to secure and enforce the same rights overseas. However, there are ways and means available to mitigate the risks through carefully crafted licenses, employment agreements and other contractual agreements.

    Payment, Finance and Exchange Controls

    International movement of money adds complexities to a simple transaction. Foreign currency exchange laws and controls for more secure and safe methods of payment is an area, where it is important to get the details right. They can prove costly if not done right.

    Termination of Business

    It is difficult to talk about termination at the outset, however, when venturing in an international business expansion, it is wise to consider an exit strategy right at the start. This can be very helpful in successfully negotiating, if and when, such a case arises. Sometimes, closing a business can be a lengthy and costly affair in some countries, not to mention the tax consequences and the creditors’ and employees’ rights.

    Reflation and International Business Expansions

    Reflation is, basically, a monetary policy that is designed to expand output and stimulate spending to curb the effects of deflation – usually occurring after a period of economic recession.

    There are numerous ways how a reflation is induced:

    • Tax Cuts
    • Infrastructure spending
    • Lowering interest rates
    • Changing Money Supply

    All these steps are taken to ensure a boost to a flagging economy, infuse a steady cash flow and boost employment.

    International Business expansions rely on these attractive lures to enter into a country to set up their operations. Businesses take advantage of tax rebates, lower interest rates and various other investment opportunities that recovering and growing economies offer. They also help these economies to generate more employment.

    Benefits of Setting up an International Business Operation

    Size of Global Supply Chain Management Market Worldwide from 2020 to 2026
    Size of Global Supply Chain Management Market Worldwide from 2020 to 2026

    As economies develop and grow, more and more opportunities are available for existing businesses to grow. The way to access these exciting new markets and capitalize on these opportunities is through international business expansion.

    Setting up an international business operation for expansion has many benefits:

    Global Talent Acquisition

    • The hiring of new talent
    • A move forward in business development
    • Availability of a multi-lingual employee
    • Access to a different skill set
    • Inroad to understanding cultural nuances to better understand the market
    • Easy navigation of language barrier and etiquette

    Access to Foreign Investment Opportunities

    • Access to attractive financial incentives from developing economies
    • Deductions in Corporate tax
    • Additional investment opportunities
    • Opportunity to develop new resources of income
    • Forge new connections

    Competitive Advantage

    • First-mover advantage in countries where competition does not have a presence.
    • Build strong brand awareness, unhindered.
    • Access to new technologies and industry ecosystems to improve operations.
    • An international presence can aid in further additional acquisitions.

    Diversification

    • Asset diversification can safeguard against unforeseen events.
    • Can introduce unique products and services in international markets to help maintain a steady revenue stream.
    • A diverse portfolio also broadens the prospect of acquisitions and mergers.

    New Markets

    • Companies that operate on a global scale often see a maximum of their consumer base outside of the home country.
    • The strategic expansion helps to lessen the geographical distance and offers direct access to a large consumer base.
    • It also offers the opportunity to conquer newer markets.

    Things to Remember While Dealing With International Clients
    When dealing with international clients it is advantageous to keep certain aspects in mind like time zones, currency value, language differences, etc.
    StartupTalkyKinnary Nensee

    Conclusion

    All in all, location plays an important role in deciding to set up an international base of location. Of course, the suitability of the location depends on the type of operation that is to be set up and how business-friendly that country is.

    International Business expansions are a great boost to globalization. To add to it, they are also a great way to diversify and add to an existing portfolio and conquer new markets.

    FAQs

    Why international business is needed?

    International business helps countries to take advantage of specialized and various factors of production from other countries. This also enables the countries to supply goods and services in the international marketplace.

    What are the rules for conducting international business?

    Some of the most common rules for conducting international business are:

    • Labour and employment laws
    • International Trade Compliance – Import/Export, Sanctions
    • Corporate Structure for conducting business
    • Taxes
    • Intellectual Property

    What are the types of international business?

    Some of the major types of international business are:

    • Franchising
    • Direct Investments
    • Joint Ventures
    • Licensing
    • Import and Export
    • Custom Consultancy

    What country is best for international business?

    The best countries for international business are:

    • United Kingdom
    • Canada
    • Singapore
    • Germany
    • New Zealand
    • Japan