Intellectual Property Rights: A Crucial Need for Present MSMEs

1. Intellectual Property Rights: A Crucial Need for Present MSMEs 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

2. 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/ Don’t forget to follow us on social media: Facebook – https://www.facebook.com/trademarkmaldives/ Twitter – https://twitter.com/trademarkmaldiv Linkedin – https://www.linkedin.com/company/trademarkmaldives/

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