The 26^th day of April each year calls for International Intellectual Property Day which is commonly known as World IP Day. It marks the foundation day of the World Intellectual Property Organization. The WIPO works in the direction of preserving Intellectual Property. It’s a specialized agency of the UN that promotes and protects IP rights globally. The framework of WIPO is built upon 3 pillars of supporting innovation, creativity, and economic development. According to Press Information Bureau (PIB), out of 132 economies in the Global Innovation Index 2023 published by the WIPO, India ranks at 40^th position. Hereon this comprehensive guide provides a full-fledged guide on Intellectual Property rights. 

What is Intellectual Property?

Intellectual Property (IP) is all about creations, inventions and using applied creativity. It is to reserve human brain’s creativity from copying. An individual’s intellect is preserved that includes a list of things. From literary and artistic works, designs, symbols, to names and images used in commerce are part of anyone’s intellectual property. IP defines and encompasses various forms of to intangible assets. Every creation formed using one’s own intellect belongs to intellectual property. For instance, music composers’ tunes, scientists’ innovation, designers’ designs are all forms of intellectual property. Just like tangible property such as land, home, vehicles one can also file ownership for intangible property that is intellectual property. To summarize, in simple terms, IP is essentially a person’s idea. Through the process from ideation to execution, a property is formed, which is known as Intellectual Property.

Theme of World IP Day 2024

World Intellectual Property day is celebrated to raise awareness about IP rights. It is because IP rights play a huge role in uplifting creativity and innovation for any nation. They are the intangible assets that develops the society and protects livelihood of creators. The day highlights the balance of IP system. Also, the day extends opportunity to join the campaign with like-minded people for flourishing art and technology. The theme for 2024 World IP Day is “IP and the SDGs: Building our common future with innovation and creativity.” It is to work in the direction of Sustainable Development Goals to meet the needs of common future. Integrating and protecting innovation and creativity is to build a reservoir of global intellectually property. 

What are IP rights? 

All citizens are required to abide by certain laws framed to protect intellectual property. Intellectual Property Rights (IPR) are the laws that preserve various forms of intellectual property. These are exclusive rights given to the creators or owners of the IP. Such rights can be avail to use, distribute, and derive benefits from creations of IP. The main types of intellectual property and their associated rights include:

• Patents: These are exclusive rights to inventors for new and useful inventions, such as processes, machines, compositions of matter, or improvements thereof. Patents typically last for a limited period, during which the inventor has the exclusive right to make, use, sell, and license the invention.
• Copyright: Protects original works of authorship fixed in a tangible medium of expression, such as literary works, music, art, software, and other creative expressions. Copyright grants the creator exclusive rights to reproduce, distribute, perform, display, and create derivative works based on the original work.
• Trademarks: Protects symbols, names, phrases, logos, or designs used to identify and distinguish goods or services in the marketplace. Trademark rights prevent others from using similar marks in a way that may cause confusion among consumers.
• Trade Secrets: Protects confidential and proprietary information that provides a business with a competitive advantage. Moreover, businesses can keep formulas, processes, techniques, or other important information confidential as trade secrets.
• Industrial Designs: Protects the visual appearance or aesthetics of a product, such as its shape, configuration, or ornamentation.
• Geographical Indications: Identifies products as originating from a specific geographical location and possessing qualities, reputation, or characteristics due to that location.

Provisional list of IP rights in Indian Constitution

• Article 19(1)(g): Right to practice any Profession. Works majorly in direction of protecting IP.
• Article 51A(h): Part of the Directive Principles of State Policy. This principle underlines the encouragement of innovation and creativity, which are central to intellectual property rights.
• The Patents Act, 1970
• The Copyright Act, 1957
• The Trade Marks Act, 1999
• The Designs Act, 2000
• The Geographical Indications of Goods (Registration and Protection) Act, 1999
• The Protection of Plant Varieties and Farmers’ Rights Act, 2001
• The Semiconductor Integrated Circuits Layout-Design Act, 2000

Key aspects of Intellectual property rights in Gujarat:

• Incentives and Funding: Gujarat may provide incentives and funding support to individuals or businesses involved in patenting innovative technologies. This can include subsidies for patent filing fees or grants for R&D projects.
• Industrial Clusters and Special Economic Zones (SEZs): Gujarat has developed industrial clusters and SEZs that attract investments in technology-intensive industries. These clusters can foster innovation and the creation of patentable inventions.
• Collaboration with National IP Initiatives: Gujarat collaborates with national-level intellectual property initiatives and organizations, such as the Indian Patent Office and the Department for Promotion of Industry and Internal Trade (DPIIT), to streamline patent procedures and promote IP awareness.

Conclusion

Intellectual property rights are essential for encouraging innovation, creativity, and investment in all sector. They provide creators and innovators with incentives to invest time, effort, and resources into developing new ideas and bringing them to the market. One can benefit from their intellectual creations and prevent unauthorized use or exploitation by others. Therefore, understanding and safeguarding intellectual property rights (IPR) is crucial for economic development. The celebration of World IP Day highlights the significance of IP in advancing Sustainable Development Goals (SDGs). This builds up to a collective future through innovation and creativity. Moreover, initiatives and provisions at the state level, exemplify regional efforts to incentivize and protect intellectual property. Additionally, apart from advantage to creators, IPR propels societies towards sustainable growth and prosperity. Stay tuned with Gujpreneur for more insightful content on entrepreneurship, culture, and innovation.