The Magic of Creating Intellectual Property
In the coming years Intellectual Property Generation should drive India’s global manufacturing proficiency
India is already a global force to reckon with as far as the software realm is concerned; however, we still need to work our way round when it comes to proving our mettle in the global IT manufacturing domain. And having an IP driven strategy can surely boost India Inc’s chances of becoming a global hub of IT manufacturing.
Why Intellectual Property makes sense today?
As a definition, Intellectual Property or IP can be defined as an invention of a product or process, architectural designs, names, symbols, industrial designs, images, proprietary formulas, ideas, and geographic indications etc used in business and trade.
It is especially important for a country like India to create Ip-encouraging scenario as it will help increase the local manufacturing ecosystem and eventually discourage and defeat counterfeit products from the Indian market.
We at Shyam, strongly believe in creating IP driven local manufacturing infrastructure that is feasible and favorable for the country. It is especially important for a segment like security that local IP driven manufacturing be created which results in the development and sustenance of genuine local ecosystem.
Hence, we must understand the importance and power of patents, copyrights, trademarks, trade-secrets, product designs and processes. The fact of the matter is that this information holds more power than any of the tangible physical assets for an organization.
Interestingly, experts close to the industry confirm that knowingly or unknowingly, it is the IP which constitutes more than 80% to the total revenues of any company while tangible assets make up for only the remaining 20%. And IP can be much broader and include even an idea by R&D that can further be developed into an invention. Hence it is IP which goes on to trigger progress, delivers growth and eventually adds bigger value for an organisation’s long term goals and objectives.
Protecting IP
Driving the innovative spirit, protecting IP is very important for the existence and long term growth and objectives of any organization and eventually leads to the overall development of a nation. Without providing protection to IP, invention of new products, methods, designs, etc would not be realized to their full potential. And IP protection becomes very important for a country like India, as there is a lot of IP theft happening here, at multiple levels.
It is true that theft and illegal use of IP results in huge losses to an organization or sector, and entails high economic, social, and development costs that is hugely damaging to a nation’s economic growth.
According to the World Economic Forum Global Competitiveness Report, there is a strong correlation between the protection of IPRS and national competitiveness. As a big example, it is because of the thrust given to creation of IPR and innovation that Korea’s per capita income witnessed tremendous transformation from less than US$100 in the 1960s to US$12,000 today.
US is a huge example of what IP protection can do to a country. Technological innovations have contributed to about half of the growth of the US economy. On the other hand, lack of IP protection takes down the innovators and creators of their rightful reward for hard work and innovation, and weakens the motivation and further incentives to invest for researchers.
Today, we need a strong IP friendly ecosystem that can further act as a guiding force to take India towards proving its manufacturing prowess to the world. Hence, strong IP protection platforms are needed in India so that the overall Ip-friendly ecosystem is developed in a better manner.