By Vivek Dahiya
Recent events between two major world economic powers, India and Australia, have paved the way for trans-Pacific business collaboration.
This is undoubtedly a great era for business and collaboration. However, Australian industries need to be careful about protecting their intellectual property (IP) as well as respecting other intellectual property rights in India and vice versa.
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So world intellectual property day (or “WIP-Day”) on April 26, it is important to understand the importance of intellectual property in growing businesses and developing partnerships.
If you have filed a patent to secure your technology, a trademark to protect your brand or a design to secure the aesthetic aspect of your creation, you can dissuade your competitors from copying your innovations, create credibility with your customers, develop easily partnerships in other countries. For example, you buy Puma shoes for more than 200 AUD, but if the Puma brand is not on this shoe, will you buy it for more than 200 AUD? The answer is simple: NO
According to IP Australia Report 2022 there was an 11% increase in the number of patent applications filed, a total of 32,397 were filed in 2021. However, only 9% of these applications were from Australia, a total of 2,996 applications were filed originating from Australia.
The above shows that Australians do not protect their innovations and should be aware of the monetary benefits of protecting innovative technologies.
On the other hand, it is of the utmost importance for all Australian businesses to ensure that they carry out proper IP due diligence before launching their products/services in India to avoid any legal disputes. intellectual property or explore partnership opportunities.
To encourage more IP filings in Australia, it is important to incentivize innovators. For example, the Indian government offers a substantial refund of up to AUD 10,000 for its nationals/SMEs if they receive a patent in another country.
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For about two decades, a theme has been chosen in the year to celebrate WIP-Day. For 2022, the focus will be on “Intellectual Property and Youth: Innovating for a Better Future” to enable young people to discover how intellectual property rights can help them achieve their goals.
I am convinced that to maintain and promote a good start-up ecosystem in Australia and India, which can lead to exponential growth of economic industries, one must be aware of intellectual property and that the young people of the country must be encouraged to their start-up efforts.
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