From Innovation to Intellectual Property Rights: Progressive Path for Indian MSMEs

Abstract

Innovation basically starts with a creative idea and ends with giving valuable form or shape to it. Now a days it is not a question of whether to innovate or not but the question is to find out what to innovate and how to innovate. In the global competitive scenario, it becomes imperative for Micro, Small and Medium Enterprises (MSMEs) to continuously innovate and reinvent themselves as per the changing business environment. Innovation is more about generating value-additions in the product or process which aims at resolving any problem or address concerns of the stakeholders. It may mean cost-effective drugs, new software program giving new output or new fabric design or texture having long shell life. Intellectual Property Rights can act as a stamp of innovation for MSMEs. Intellectual property means any unique or novel creations made by individuals and IP right is a legal right granted by government on creation of intellectual property. This article explores possible next step that innovative MSMEs should take up. It highlights the fact that they can use their innovations efficiently through effective application of intellectual property rights. It can be also used for commercial exploitation. Few examples are discussed to highlight use of Intellectual Property Rights (IPR) for innovative MSMEs. The use of IPR system opens up more growth avenues for MSMEs. They can use their intellectual property strategically to built their fortune. This can also result in ripple effect for innovations among MSMEs in Indian business environment. Other MSMEs tend to follow the same route and get motivated to innovate further.