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Intellectual Property has nowadays become a strategic business tool to protect the new inventions so that no one can use, sell and license them without the prior permission of Inventor or applicant. There are eight types of Intellectual Property recognized in the TRIPS agreement which are Copyright and Related Rights, Trademarks, Geographical Indications, Industrial Designs, Patents, Layout-Designs (Topographies) of Integrated Circuits, Protection of Undisclosed Information and Control of Anti-Competitive Practices in Contractual Licences. These Intellectual Properties are the lifeline of a company whether it is a Pharmaceutical company which is combined with manufacturing sector or other sectors which include Electronics, Mechanical, and Computer.

In a country like India, where to meet the needs of the huge population, the manufacturing sector is growing at a rapid speed, and people needs to have more employment based on their qualification and interest of the area. The main idea to develop a Start-up is to work towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. The start-up can become a lifeline of India as Indian has an enormous potential regarding great minds as well as in workforce.

The need of start-up in India is to give skilled person a chance to bring inventions and innovations into the lifeline. The Start-up means an entity, incorporated or registered in India which is not older than five years and whose annual turnover does not exceed INR 25 crore in any preceding financial year.

Action Plan for Start-up with IP insights :

A report published under title of “Achievements of ‘Start-up India’ Action Plan” by Ministry of Commerce & Industry, Government of India providing information that Panel of over 422 facilitators for Patent and Design and 669 facilitators for Trademarks applications and, 104 applications have received rebate of up to 80% rebate on patent fees and also received legal assistance. This data shows that within one year, the number of people opening start-up and seeking legal and IP assistance is increasing and will help in building the nation high.