India is home to the third largest startup ecosystem in the world trailing behind America and China which rank first and second, respectively. The startup ecosystem is a rapidly evolving mechanism with more and more new ideas coming to life year after year. Imagine having a unique idea which solves a problem and can be converted into a business model. If the individual who comes up with the idea fears the idea might be stolen by another person to be replicated into a business model, the individual could apply for a patent to safeguard the idea. A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling and importing an invention for a limited period of years, in exchange for publishing and enabling public disclosure of the invention.
The Indian Patents Act was established in 1970 and came into effect from 1972. The Patent Act establishes what kind of inventions can be patentable and non patentable.
For an invention to be established as a patented invention, it needs to satisfy the criteria listed below
- The invention should be a one of its kind. This means the invention shall be completely new and there should be nothing similar of its kind.
- The invention should be unique in itself which means if the invention is making an existing technology or design better, it cannot be classified as a patentable invention.
- It should be useful by developing and improving the life of the common man without the use and support of illegal things.
An additional thing to remember would be discovery of laws of nature could not be quantified as patentable inventions. Examples of this would be Newton’s discovery of Gravity or Einstein’s Theory of Relativity.
Non Patentable Inventions:
According to the Indian Patents Act 1970, Section 3 and 5, there are certain types of inventions that cannot be patented as inventions and are listed below
- A frivolous invention or any claim which contradicts known laws of nature.
- Anything which is used for commercial purposes but contradicts public order and morality or which is prejudiced and causes harm to humans, animals and plant life.
- Discovery of a new or unknown form of substance which does not enhance the known efficacy of the substance.
- A method of agriculture or horticulture.
- Any process or discovery relating to medicine, surgery, curative, prophylactic diagnostic, therapeutic or other treatment of human beings or similar treatment in animals.
- Discoveries pertaining to atomic energy.
Patent Application Process In India
In order to apply and obtain a patent in India,there are certain steps to be followed. The steps for the patent application process are given below.
- Collect and Journal all the important and relevant information pertaining to the invention with as much detail as possible. Information related to how and why the patent works, the advantages and description of the invention should be present.
- Include drawings or designs related to the invention which explain the working of the idea/invention.
- Check if the idea qualifies as an invention for the patent application.
- Check if the invention meets all criteria and requirements according to Indian Patent Act 1970.
- Draft a patent application. A provisional application can be filed if the invention is in the early stages of research and development. Filing for a provisional application grants a person twelve months to come up with complete specifications.
- Upon filing the complete specification along with the application for patent, the application is published after 18 months of first filing.
- The application is examined only after the submission of a request for examination (RFE.) Upon receiving this request the controller gives the patent application to a patent examiner who examines the patent application for various criteria and submits a first examination report which is shared with the patent applier.
- Majority of patent applications would be subject to objections and the patent applicant should ensure all objections are resolved.
- After resolving all the objections the application would be placed in order for grant once it is found to be meeting all patentability requirements.
Owning a patent will help in prevention of theft of intellectual property, gives the right to exclusivity, right to commercialize the idea and increase the marketability and monetary value.
Although the patent application process in India is a very long process and is susceptible to slow bureaucracy, it is important to remember that in the end, owning a patent will be a worthwhile investment. There is also the possibility of the application process being made digital as well due to the technological advancements in digital security.
Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic
If you could travel six months back in time and tell yourself how the world would look now, you might have dismissed it as a hoax. The world changed suddenly when the COVID-19 virus broke out and started spreading across the world. The virus which manifests in the form of a flu before attacking the respiratory system currently has no vaccine. This forced governments across the world and India included, to enforce a strict mandatory nationwide lockdown.
The lockdown was initially announced in India for just three weeks and many businesses and startups never expected it to go beyond a month. However, the lockdown is still continuing albeit with a few relaxations, but many industries continue to be badly affected by it as they saw zero revenue in the last three months. Many organisations and businesses have made the shift to remote work as their offices remain to be closed for fear of contracting the COVID-19 virus.
As software companies continue to declare work from home for the foreseeable future, many employees are looking to return back home from technology hubs like Bengaluru and Hyderabad so as to save money on huge rents in the metropolitan cities considering their offices are not opening anytime soon.
This is where a unique concept where companies offering storage spaces for long term rent is seeing a huge spurt in demand. As software employees in Bengaluru are slowly vacating their accommodations to move back home in order to save on rental expenses, they have no place to store their personal belongings. Firms like SafeStorage, Storagians, StowNest Storage and MyRaksha, which provide the service (storage for rent,) have seen a spike in clients and quotation requests. Even some gyms and restaurants, both of which are yet to reopen completely, are offering their facilities for storage in order to reduce their own rental expenses.
These storage firms offer facilities like pickup services, CCTV monitoring and individual locker facilities apart from providing insurance coverage against theft, natural calamities and fire. Ramesh Madisetty, co founder of SafeStorage, says “We have 13 warehouses with 1.16 lakh sq ft space in Bengaluru. We have signed up for another 27,000 sq ft facility near Whitefield. There is a 10x jump in enquiries due to Covid-19 , from 30 to 300 now (sic.)”
Another company named Storagians, which offers storage for rent in Bengaluru has already run out of storage space and are having to turn away customer requests. Prasanna Kumar, founder of Storagians says “Unfortunately, we are turning down customers’ requests due to the non availability of slots sic.)”
The average monthly rent is based on the volume of goods. While goods accommodated in 1BHK are charged a monthly rental of Rs. 2,500-3,500 and it will be Rs. 4,500-5,000 for 2BHK. As more and more enterprising people are embracing this concept, many others are racing against time to get their own facilities up so they can offer storage space for rent. This concept will continue to see a huge demand as long as companies keep working remotely.
4 Things To Know About Instagram Reels
Instagram Reels is the latest offering from the photo sharing platform Instagram and was launched as a replacement for the video sharing application TikTok. Instagram Reels was launched only last year and was being tested in Brazil where it was called Cenas. TikTok was enjoying an unrivalled popularity in India as it became a means to keep boredom at bay during the nationwide lockdown which was imposed in light of the COVID-19 virus. TikTok amassed more than 200 million users in India and this is mostly due to the cheap internet plans rolled out by Jio Telecommunications, which made the internet accessible to every person even in the remote corners of India.
However, the Indian government announced that it would ban 59 Chinese applications in which TikTok was one, along with WeChat, Helo, Cam Scanner and many others. This left a sudden void in video making applications, and Instagram realised the need for urgency to capitalize on this void. Therefore, Instagram immediately pushed their latest feature Instagram Reels which lets its users create 15 second videos with music from Instagram’s database. These videos look very similar to the ones made on TikTok and therefore Instagram is hoping to entice TikTok users to come onboard their platform.
Instagram users can open the explore tab on their mobile app and can see videos made from Reels. These videos are displayed on the top of the explore tab and take up half the screen space to ensure more visibility for the feature.
Here are 4 things you need to know about Instagram Reels:
1) Create 15 second videos:
A user can use Reels after updating their Instagram application which is available for both Android and iOS users. The Reels option is displayed when a user swipes right on their Instagram home screen. A user can record upto 15 seconds of video and can string multiple 15 second videos to make a Reel.
2) Reels can only be edited in App:
The Reels can only be edited in the Instagram app where users have a plethora of filters, music and video effects at their disposal. The Reels can be reviewed to see how they look when they are stitched together (if two 15 second Reels are merged.) The Reels can be deleted and re-recorded if they are not up to the mark.
3) Reels can be shared as a story or made public:
Unlike the normal Instagram Stories which can only be shared with your followers, Reels can be made public so they can be displayed on the explore tab for everyone on the platform to view it. If you share your Reels to your Stories or in Direct, they will disappear after 24 hours. You can also save Reels to your drafts for posting later.
4) Featured Reels:
According to Instagram, Reels which may be watched by a lot of people depending on the cultural relevance and relativity to the audience will get a featured tag to them. These featured reels will only be chosen from public accounts.
The chances are high that Instagram Reels feature is rolled out to almost everyone using Instagram in India. Let us know if you began experimenting with it and created cool videos!
5 Books For Every Entrepreneur In 2020
It is easy to talk about entrepreneurs and look at them with envy for pursuing their passion but what no one knows is the amount of sweat, blood and tears which go into making an entrepreneurial dream come true. Entrepreneurs are expected to be highly competitive in the cutthroat market and at the same time continually strive to set an example for others to follow. The sad truth however is that not all entrepreneurs succeed in their mission because some may give up midway through their entrepreneurial journey, or some might run out of cash while some are just not able to scale up their business.
Many successful entrepreneurs have documented their journey and their thoughts in autobiographies or novels for aspiring entrepreneurs seeking inspiration. These books would manage to scale up your game, improve your business strategy, potential to connect with new people and most importantly would give you courage to persist on your journey.
Here are five books in 2020 which every entrepreneur should read
1) The Lean Startup by Eric Reiss
Published in 2011, this book is still relevant even in 2020 as Eric Reiss outlines a guide to help entrepreneurs to develop methods to manage their startups/businesses. Entrepreneurs can set their strategies according to their needs and runway cash to optimise their business opportunities. The Lean Startup offers entrepreneurs, in companies of all sizes, a way to test their vision continuously, to adapt and adjust before it is too late.
2) Zero To One: Notes On Startups Or How To Build The Future by Peter Thiel
Peter Thiel is the co founder of PayPal and an entrepreneur as well as a venture capitalist. Zero To One tries to teach entrepreneurs about how Peter Thiel thinks , his approach towards business and how one can shape the future of their startup. WhilePeter Thiel was teaching a class at Stanford University, a student named Blake Masters took notes which led to the book Zero To One released by both Thiel and Masters.
3) The Startup Owner’s Manual: The Step-By-Step Guide for Building a Great Company by Bob Dorf and Steve Blank
This book is touted to be the perfect guide for any entrepreneur to scale their business. This book has detailed step by step instructions on building successful, scalable, profitable startups. The Startup Owner’s Manual is so popular that it is taught in university courses at Stanford, Berkeley, Columbia and many other universities. The Startup Owner’s Manual follows the theory of customer development, agile, and lean engineering.
4) The Greatest Salesman In The World by Og Mandino
Although first published in 1968, this book is still a bestseller and widely read by entrepreneurs. The book aims to serve as a guide to philosophy of salesmanship, and success through the story of Hafid, a poor camel boy who achieves a life of abundance. The Greatest Salesman In The World is written in the form of ten scrolls.
5) Founders at Work: Stories of Startups’ Early Days by Jessica Livingston
This book is a collection of some really unique interviews done by Jessica Livingston with some of the greatest startup founders in Silicon Valley like Apple, PayPal, TiVo, Yahoo, and TripAdvisor. This book aims to offer wisdom and insights straight from the mouths of some of the most influential entrepreneurs.
Let us know if there are any other books which deserve to be read in 2020.
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