Startup Mahakumbh: Deep Dive into Intellectual Property for Deeptech Innovation

At Startup Mahakumbh, India's biggest startup event, the importance of intellectual property (IP) for deeptech innovation took center stage. Jeet Vijay, CEO of MeitY Startup Hub (MSH), moderated a session delving into how a robust IP framework can fuel the commercialization of deeptech breakthroughs.

Why Deeptech and IP Go Hand-in-Hand

Joined by industry experts Abhi Deshmukh (CEO & CTO of iHub Anubhuti-IITD Foundation) and Dr. Vidha Malhotra Sawhney (Scientist 'H' & Head, Tech Management Directorate, CSIR), Vijay initiated the discussion by highlighting the vision of "Viksit Bharat," the government's roadmap for transforming India into a developed nation by 2047. The panelists explored how deeptech innovation, coupled with a strong IP framework, can propel India's progress and the potential roadblocks that might hinder this journey.

Patents: Powering Innovation and Valuation

Deshmukh emphasized the strategic use of IP protection by leading tech giants like Google and Microsoft to prevent infringement. He presented a compelling statistic: startups with patents enjoy a 93% higher valuation compared to those without them. This underscores the financial significance of securing patents for deeptech ventures.

Dr. Sawhney echoed the importance of safeguarding innovations through IP protection, offering a valuable mantra for startups: "patent, publish, and prosper."

Navigating the Evolving Landscape of Generative AI (GenAI)

The discussion then shifted to generative AI (GenAI), a rapidly evolving field within deeptech. Vijay explored how deeptech startups can effectively protect their intellectual property in this fast-paced domain. Deshmukh highlighted the need for India's IP laws to keep pace with developed countries, ensuring they are contemporary and address the unique challenges of GenAI.

"We need to have patents in India as many startups get patents from the US. A typical patent in the US costs about $8-20K," Deshmukh pointed out.

Challenges and Solutions: Empowering Startups with IP Knowledge

Dr. Sawhney addressed a crucial challenge – the lack of awareness among startups regarding IP protection. She recommended leveraging the Patent Cooperation Treaty (PCT) as a cost-effective option for filing international patents.  Her advice resonated with her closing statement: "Always fence your innovation."

Vijay acknowledged the awareness gap but provided encouraging news about government initiatives that offer financial aid for patent filing. He mentioned schemes by the Ministry of Electronics and Information Technology (MeitY), Ministry of Micro, Small and Medium Enterprises (MSME), and the Department for Promotion of Industry and Internal Trade (DPIIT) aimed at promoting and fostering patent filing by startups. For instance, MeitY offers a reimbursement of up to INR 15 Lakh for filing patents.

The Road Ahead: Fostering a Thriving Deeptech Ecosystem

The MSH, recognizing the potential of various sectors like deeptech and sustainability, actively promotes investment in these areas.  Additionally, it fuels the spirit of entrepreneurship in India by hosting numerous accelerator and incubator programs like SAMRIDH and TIDE 2.0.

Vijay also commended the efforts of organizations like Nasscom in building a robust deeptech community within India.

Deshmukh offered practical advice for startups on patent protection strategies, including hiring an IP lawyer, conducting IP searches, and considering provisional patents for early protection. He urged startups to view patents as strategic assets that can significantly enhance their valuation, facilitate exits, and attract acquisitions.

Vijay concluded the session by emphasizing the critical role of IP for startups. He drew an analogy, stating, "We protect our house, our finances, and human rights with our life. We should look at IPs the same way. We should appreciate what we have. In a new economy fueled by data, we have to make sure we protect our rights for us and future generations."

By fostering a culture of IP awareness and providing the necessary support systems, India can empower its deeptech startups to thrive on the global stage.