Small and Medium Enterprises (SMEs) are slow in protecting their intellectual property (IP) owing to insufficient information on relevance of IP in day-to-day business, said N.S. Srinivasa Murthy, president, Federation of Karnataka Chamber of Commerce and Industry.
Speaking at a seminar on Intellectual Properties here on Thursday, Mr. Murthy said perception about the intellectual property rights among the SMEs is that it is esoteric, too cumbersome and time-consuming process and high cost in obtaining and enforcing the IP rights.
“New products, brands and creative designs appear almost daily in the market. SMEs are often the driving force behind such innovation. However, their innovation is not always fully exploited as many SMEs are not aware of the IP or the protection it can provide for their innovations,” he added.
Sudhir Ravindran, a patent and trademark agent and attorney of Altacit Global, cited the example of many multinational companies that have enhanced their valuation mainly because of patents over their designs. Mr. Ravindran said that IP rights has now-a-days become a strategic weapon in competition.