Do entrepreneurs truly know what they need to do to carve a unique market niche? There are a lot of aspects to covering every base of securing one's business, but one that may not get enough love is protecting a business’ Intellectual Property (IP). Sure, India is one of the world's biggest startup ecosystems, but many entrepreneurs might still be grappling with fundamental misconceptions about IP protection. This is because innovation doesn't exist in a vacuum; it can be promptly copied and emulated, undercutting the framework of one's business.

But, does an IP truly give a business a competitive edge? Does the patent strategy end up being more proactive in expanding the market or more defensive in protecting innovation?

According to Vivek Mishra, founder and CEO, Fibroheal Woundcare, "Once there's a patent, in general, the perceived value is that the company is here to stay for a long period, and for a biotech startup, there's a cutting-edge element there as well. But, when I started the company in 2017, the thought process was that if I procured a patent, someone would sidestep it. My perspective was that patent law was cumbersome, complicated, and a waste of time. Over the years, there's been a huge shift in my thought process in terms of getting IP protection done for one's business. To be honest, I still don't have a full-fledged strategy in place, but a lot of aspects have been streamlined now. The way patents have evolved, we'd be keen to have more patents to help us associate with the right partners, to scale up and take products to different parts of the world. Patents are also drivers of economic growth. An IP empowers one to say they have a unique product, which enhances the overall marketability. Furthermore, patents have helped us form very close associations with top institutes and major startups across the world, especially as a deep tech-driven company trying to create some value and make a difference."

So, perhaps, there's a disconnect between innovation and protection. To some extent, a patent may be seen as a way of preventing theft, as opposed to creating a defensible moat around one's business. There might be a misunderstanding around what might constitute patentable innovation and that it's only for scientific breakthroughs, but, even a business process or software algorithms just might be covered.

"As an entrepreneur, one has to worry about regulatory approvals, funding, team building, putting systems and processes in place, managing shareholders and more. At the same time, patents play a key role and should become part of R&D, instead of operating through someone who may not truly understand the innovation. So, the best thing is to attach it to R&D and let the department come up with various solutions because it would get the focus there with the most candid discussions coming from R&D", Mishra added.

Elaborating on the approach to patent law, Gitika Suri, director of patents, Cyril Amarchand Mangaldas, said, "Our topmost priority is to help entrepreneurs understand patent law and to be their companion in the journey from being a startup to a fully grown........

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