A start-up should protect its brand right from the start when it really wants to grow big. The Trademark Act, 1999 provides that each individual/owner/company needs to have a trademark for the name/logo/brand. Fintech companies are strongly advised to purchase their trademark's reputation, while they ensure high-quality customer service. A strong brand/name/logo enables fintech companies to differentiate their product from their competitors'products.
In addition it helps a fintech company to obtain or merge or to obtain acquired based on a ‘proposed use '. The significance of trademark registration is of the utmost importance while they prevent 3rd party use and help make certain that the trademark comes with an economic value that may be used commercially to obtain benefits.
Copyrights
Copyright automatically also includes computer code, visual interface functions, audio, video instructions, application programming interface (API) structure, and other works. Computer code can cover details such as for example source code, pseudocode, machine code, and specially developed hardware or firmware. Copyright is really a significant intellectual property asset for a FinTech company, particularly if this system design offers efficient computation and ease of use.
Trade Secrets
Registration is not necessary for Trade secrets, but companies must take reasonable steps to keep them confidential. The benefit of this kind of protection is that it guarantees absolute security of secret information as long as sufficient confidentiality measures are taken.
Trade secrets include all confidential business information that provides the dog owner a competitive advantage over other market participants. Trade secrets include manufacturing secrets and trade formulas, practices, processes, designs, instruments, patterns, trading methods, or compilations of information that aren't generally known or reasonably ascertainable to others. Unlawful or unauthorized use of exactly the same is known as an unfair practice. India does not have a codified law regulating and protecting trade secrets India. However, trade secrets are regulated by various laws such as for instance contract law, copyright law, principles of fairness, etc.
Industrial Design
The term design as defined in the Designs Act of 2000 means the top features of shape, configuration, pattern, ornament or composition of lines or colours applied to any article and has some aesthetic value. Such a design may be registered according to the Design Law. Any start-up that registers a style from the beginning can prevent anyone from deploying it without proper authorization. For instance, if your start-up is in the beverage segment, where in actuality the beverages are served in a uniquely shaped bottle that's developed through great mental effort. If this kind of bottle design is registered under the Design Act, the start-up has the proper to avoid anyone from copying the look and may also use it commercially.
Conclusion
With the introduction of Atmanibhar Bharat by Govt of India, it is really a once in a very long time opportunity for creating the business enterprise or starting new start-ups. However, the immediate requirement for an hour or so requires entrepreneurs to keep yourself updated of the extreme importance of intellectual property rights and the necessity for a proactive approach towards protecting their intellectual property rights. To alter the entrepreneurs'mindset, they must understand the significance of developing an intellectual property protection strategy from the start. It cannot be denied that there could be a cost connected with protecting these rights. However, the purchase price is more like an investment as IPR is an advantage that provides numerous economic benefits for the entrepreneur when protected from the start.