What are the Benefits of technology patents in India? Technology patents are important in solar off-grid, battery Inverter Heavy Duty UPS Lift Inverter Lift UPS Energy Storage System lithium batteries because they protect the intellectual property of inventors and companies. It helps export because people don’t want any legal cases against them for installing products which don’t have technology patents.https://suvastika.com/technology-patent-in-india-by-su-vastika-in-pure-sinewave-ups-inverter-battery-inverter-erdess/
This allows them to recoup research and development costs and prevent others from copying their technology. Patents can also help attract investment and boost innovation in these fields.
In India, the importance of technology patents is growing as Govt of India gives a lot of sops and support to increase the practice of filing technology patents. China filed the highest number of technology patents in the world and followed by the USA, which shows the strength of any country in the field of technology.https://www.csis.org/analysis/what-can-patent-data-reveal-about-us-china-technology-competition
After checking the technology’s world status, the technology patent is granted, which takes at least two years to get into India.
Here are some of the specific benefits of technology patents in the field of solar power and lithium batteries:
Exports: If the company is into exports, then having technology patents help a lot in exports, as outside India, the international players always use the patent to their advantage and can block the Customer from entering the country by registering their patents in that particular country.
Incentives by Govt of India when you receive the technology patent: There are financial incentives declared by the central govt and a few state Govt on top of the major financial grant in case you can get the patent granted from the Indian Patent office.https://ipindia.gov.in/writereaddata/images/pdf/startups_IPRFacilitation_22April2016.pdf
Ranking with international companies: If one gets a patent granted in any field, the company’s status gets elevated, and similar global companies start respecting the company in India.
Safety from legal cases by international companies: Nowadays, when you create a business in India and doing well, then suddenly International company comes and file a lawsuit against your company regarding the technology patent, which is very tough to fight as there are hardly any patent is filed in India. This can lead to damages or the business being destroyed overnight for Indian companies.
Can do business with peace: If the company has filed a technology patent, then the company can work in harmony from outside pressure.
Can Licence the technology: Nowadays, the company can sell the right to manufacture the product under licence to other companies and can make money.
In Govt tenders, one can be a single vendor: In India, the Central Govt and state govt have given the provision where one can be a single vendor in a tender, and the Purchase committee can award the contract to the single vendor in case of having technology patent by the Indian Patent Office.
Trust is created in the Customer’s mind: with Customer’s trust in buying the product from a company, a technology patent increases.https://suvastika.com/technology-patent-in-india-by-su-vastika-in-pure-sinewave-ups-inverter-battery-inverter-erdess/
Protect intellectual property: Patents can help protect the intellectual property of inventors and companies, giving them a competitive advantage.
Attract investment: Patents can help to attract investment from venture capitalists and other investors, who are more likely to invest in companies with strong intellectual property portfolios.
Boost innovation: Patents can help to boost innovation by providing incentives for companies to develop new technologies.
Create trust in the employee: The employees working in the company are proud of working with a company with technology patents.
Overall, technology patents are important for protecting intellectual property, attracting investment, boosting innovation, and creating jobs in solar power and lithium batterie