NEW DELHI: India's micro, small and medium enterprises (MSMEs) will now be able to buy and sell their intellectual propertyrights online, thanks to an IPR Exchange launched today.
The IPR Exchange, which has been set up by the Federation of Indian Micro, Small and Medium Enterprises (FISME) with support from the British High Commission, is the first such initiative in India. Users can log on to iprexchange.in to access the website of the exchange.
"If you see the number of patents which are being generated in other countries now, including China, and if you compare that with India then we are way behind," MSME SecretaryMadhav Lal said at the launch of the exchange here.
"So the whole idea initially is to bring about awareness. This is an important initiative where people can buy and sell intellectual property," he added.
It offers a platform to MSMEs to buy or sell IPRs, along with e-vaults duly protected through secure passwords for safe storage of their unique creations. By doing so, it will help entrepreneurs assess valuation of their IPRs through a specialised service.
FISME President D Gandhikumar said: "Evaluating a business decision from the perspective of profitability demands that for the protected Intellectual Property to be bought, sold, assigned or transferred like any other physical property, its value ought to be ascertained through a market-based mechanism. The proposed IPR exchange aims to do just that."
When asked about the suggestions given by the MSME Ministry for Foreign Trade Policy (FTP), Lal said: "We have brought issues related to export credit, easing of procedures, etc to the notice of Commerce Ministry."
The government will announce the Foreign Trade Policy on April 18.