To help small- and medium-sized businesses find greater value within their companies, the Indian government has encouraged the nation's SMBs to participate in a study aimed at evaluating the value of patents and intellectual property in the regional market.
Additionally, the study would enable the government, which is working with the UN's World Intellectual Property Organization, to assess the current system of awarding patents. For large businesses, the cost and process of applying for a patent is not particularly cumbersome. However, SMBs often don't even consider it due to the cost and lengthy process required to receive a patent.
Helping these companies draw the most value from their business, products and services could help SMBs in the nation increase revenue, which would encourage growth and aid national employment figures. According to the report, SMBs currently account for 8 percent of the nation's GDP.
As more countries attempt to streamline the process of granting intellectual property rights, others, such as the U.K., have seen significant growth. According to a recent Taylor Vintors report, IP in the U.K. annually generates more than 65 billion pounds for the nation's economy.