MSMEs or Micro, Small, and Medium Enterprises that play a vital role
in growing a country’s economy often lose out when it comes to the
safety of their ideas and strategies. Hence, it is imperative to look
for something that can protect the creations and innovations of MSMEs. Intellectual Property Rights
(IPRs) are the best source adept in keeping the unique and original
assets of companies safe in the current highly competitive world.
Intellectual Property
(IP) industry nowadays is accessible with many types of IPRs, like
trademarks, patents, etc. Nevertheless, MSMEs can opt for any of these
IP rights, but sometimes one kind of IP can protect a particular asset
better than others. For instance, a trademark is an exclusive IPR that
suits best when it comes to secure the unique name, logo, or other
assets of MSMEs. By providing a unique identity to a product, the
trademark helps its owner to gain credibility amongst consumers, which
ultimately serves him with financial profits. On the other side, to
protect the unique and new designs that form the base of business models
of some MSMEs, the enterprises’ need could not depend on a trademark.
They need an IPR that is known for securing designs. Since the
requisites vary as per the nature and assets of MSMEs, there is a need
to implement IP protection after understanding it appropriately.
Sources to be Aware of IP
IP
awareness programs are the best way to be familiar with IP. Including
the Intellectual Property Facilitation (IPFC), Confederation of Indian
Industry (CII), National Institute for Micro, Small and Medium
Enterprises, and National Institute of Intellectual Property Management,
several other institutions are famous for organizing IP awareness
programs. Some of the programs with which these institutions attempt to
make MSMEs aware of IP encompass:
- Seminars,
- Workshops,
- Short-term and long-term training.
Need for IP Framework
With
the continuous and rapid emergence of new products and businesses, the
market is turning competitive. The worst fact is that to stay ahead of
others in such a challenging era, many big firms don’t hesitate even in
exploiting the smaller companies, thus making it crucial for the MSMEs
to get familiarized with the IP protection available for their assets.
That’s why it is of paramount importance for MSMEs to have an
appropriate IP framework that prevents them from losing the game in the
hands of big players.
An appropriate IP framework is beneficial
for MSMEs in not just defending their innovative products or works but
also enhancing their market value amongst the potential investors,
shareholders, and consumers. Note that the IPRs, if valued, maintained,
and utilized strategically can undoubtedly increase the MSME’s
reputation and competitiveness.
The Present Situation
MSMEs,
in the present scenario, are contributing to around 50 percent of the
total manufacturing industries and 45 percent of the overall shipments
in India. That’s what makes these enterprises a noticeable source adding
much to the Indian economy. However, to pursue playing a role in
growing the country’s economy, MSMEs have to stay away from legal
issues, including trademark infringement
cases, patent violation lawsuits, etc. Assuredly, the high costs,
required documents, and many other things associated with IPRs turn it a
bit complex for MSMEs to obtain and enforce IP protection. Nonetheless,
if obtained precisely by understanding all the facts related to the IP
system, the IPRs can undoubtedly bestow the owner, i.e., MSMEs with
fruitful outcomes. Are you also an owner of any minor, or small, or
medium-sized enterprise? It is time to secure your business with
suitable IP rights that will not just keep your assets protected but
also provide you with fruitful advantages for years.
For view source: https://www.trademarkmaldives.com/blog/intellectual-property-rights-a-crucial-need-for-present-msmes/
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