However, recent years have witnessed the launch of several government initiatives and policy reforms designed to benefit startups and SMEs, promote innovation and encourage small enterprises to file for IP rights. These initiatives are Startup India, Make in India and Digital India, which offer financial support and simplify regulatory processes.

“The impact of these government efforts is evident in the exponential number of startups, which has crossed 50,000, with nearly 1,500 startups added yearly, and in the national patent filings,” revealed Rachna Bakhru, a partner at RNA, Technology and IP Attorneys in Gurugram.

The Covid-19 pandemic also played a part in escalating innovation activities in India. “A crisis is the mother of invention,” said Bakhru. “The consumers and businesses went digital overnight. The pandemic expedited the adoption of digital payment solutions. From peer-to-peer lending platforms to blockchain-based solutions, the fintech sector has become a hotbed for innovation, contributing to increased national patent filings,” she explained.

Healthtech also rose to new heights with innovations leading to telemedicine, remote patient monitoring and health-related apps. Such technologies addressed the shortage of doctors and healthcare facilities during the Covid-19 pandemic.

Similarly, edutech witnessed growth triggered by the pandemic. “The young entrepreneurs seized this opportunity to develop platforms and apps providing personalized solutions, connecting consumers with service providers and improving the accessibility of services,” said Bakhru.

Released by the World Intellectual Property Organization, the World Intellectual Property Indicators Report is an annual survey of IP activities around the globe.

- Espie Angelica A. de Leon