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The World Intellectual Property Organization (WIPO) in mid-November 2011 reported that the Global Intellectual Property (GIP) market which is now worth $180 billion a year and the royalty and licensing fee revenue rose from $2.8 billion in 1970 to $27 billion in 1990, and became $180 billion in 2009. This is faster than the rise in global gross domestic product during a similar period. In fact, it is possible that in two years hence, the total revenue may touch the $200 billion mark.

The value of an asset whether it is intangible (Patent, Trademark and Copyrights etc.) or tangible (Land, Building, Machinery, Human Resources and Raw Materials etc.) are the potential elements for economic benefits of competitive businesses whether they are big or small. The profits of every business today come from a mixture of tangible and intangible asset values.

Like other countries Indian SMEs are major employment generating hub. They are extremely diverse and heterogeneous group with a very wide range of needs and concerns. The IIPR needs and concerns are, therefore, dependent on the nature and scale

 
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of their operations and on relationships with other stakeholders, entities and enterprises.They could promote innovative appropriate technologies, required managerial growth and competitiveness as also, equally, the absorption of technological innovations and exploitation of indigenous research findings with the support of innovative business model and IP. The Central as well as State Governments have placed SMEs at higher level on their list of priorities, and generally provide numerous support services without having a comprehensive data base of SMEs. Keeping in mind, India’s growing unemployment rate and huge market size to explore, SMEs can rethink about their Business Model by including IP assets to compete effectively in the local and international market arena.

The development and right to protect one’s products, services and innovative ideas through Patents, Trademarks, Industrial Design and Copyrights for commercial use are covered under IPRs through the Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) of WTO and other international treaties. In today’s business scenario, the stimulating role of IPRs is very much applicable to SMEs as for large Indian Enterprises and also Multinational Companies (MNCs). On the contrary, we are all aware that Indian SMEs are facing the challenges of globalization, higher cost of funds, inappropriate knowledge management and technology up-gradation, infrastructure constraints and many more due to lack of knowledge on innovative business model.

Needless to say, SMEs are employment centric business entities for inclusive growth, though they are the ineffective users of the IIPR, mainly due to lack of awareness of availability of cost-effective, user-friendly and readily accessible IP related information and support services. They remain vulnerable in today’s highly IP intensive business environment at the national and international level.

 
     
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