Bravo! Indian Government Will Foot 50% Patenting Costs for Technology Startups
In a move that will greatly help innovative startups from India to defend their intellectual property better, the central government has announced a scheme under which it will finance half the cost of filing a patent.
The five year scheme will come into force from this fiscal, a financial daily reported citing a government official who did not wish to be identified. The scheme was proposed sometime ago by the ministry of Communications & Information Technology. Update: According to patent practitioners, the scheme has been around for a few years now but not too many people were aware of it. The scheme is now being extended further (more details soon).
According to documents accessed by NextBigWhat, registered Indian micro, small and medium enterprises and enterprises involved in manufacturing or production of goods where the investment does not exceed Rs 10 crore are eligible to apply.
Services companies where investment does not exceed Rs 5 cr, companies that have “in-house R&D certification” from the department of scientific and industrial research and technology incubation enterprises registered as companies with support under some government scheme will also be eligible to apply.
How much is the financial support?
Up to 50% of the total patent cost will be reimbursed to the applicant. The support will not exceed Rs 15 lakh or 50% of the cost for filling each invention. It goes without saying that whichever is less will be reimbursed.
Once the applicant submits the claims to the department of IT, the process is initiated and money is reimbursed through an e-transaction.
Patent processing costs including attorney fees, filing fees, examination fees, patent search cost, cost for entering national phase up to issue of patent will be reimbursed.
Who can apply?
- Applicants having already filed a patent application for the said invention in India
- Invention must be in the Electronics/ICT technology domain
- The application must be accompanied by prior art search report from a International Search authority/ registered attorney firm or any other agency of repute.
- The patent applications are to be processed through a registered patent attorney in a patent attorney firm having a experience of at least 5 years in handling international patent applications.
- The applicant can apply for the support at any stage of international filing. However, reimbursement will only be applicable to expenditures incurred subsequent to the date on which application has been cleared for support.
For other details, have a look at the embedded file ( link).