Intellectual Property Rights (IPRs) and its role in propelling the growth of the MSME sector

Abstract

For micro-, small-, and medium-sized enterprises (MSMEs), the current economic scenario might be altering. The transformation of a country's socioeconomic standing, particularly in a developing country like India, is not a simple process. Micro, small, and medium-sized firms are a varied and heterogeneous collection of enterprises with a wide range of ailments and constraints. In this respect, MSMEs should get involved in invention/innovation by doing continuous and productive research and development. Intellectual Property Rights (IPR), is one aspect that can help MSMEs avoid stumbling blocks and achieve global standards. IPR is a broad term that encompasses all aspects of a company and serves as a valuable corporate asset. Patent and trademark databases include a plethora of technological and commercial information that MSMEs may use to learn about recent technological advances, discover prospective partners, and learn about rivals' creative activities. For entrepreneurs all around the world, efficiently managing intellectual property and leveraging it to develop company strategies is becoming increasingly important. In the last 7 years, India has launched several programs such as Digital India, Start-Up India, Make in India, and Stand-up India, as well as the current Aathmanirbhar Bharat, which aims to achieve a $5 trillion economy and long-term sustainability. The enterprise, via its vigilance and vitality, should demonstrate remarkable innovativeness and flexibility to withstand the recent economic downturn, and IPR will provide many chances for future growth in this respect. MSMEs' IP strategies should take a comprehensive approach to the various forms of IP assets. In this article, we have emphasized the impact and relevance of IPR as a competitive strategy for propelling the growth of MSMEs. The objective is to raise MSME knowledge of IPRs so that they may take steps to safeguard their ideas and business plans.