While addressing a press conference in Mumbai, Minister of Skill Development, Employment and Entrepreneurship, Mr. Nawab Malik said that a financial assistance of Rs 2 lakh to Rs 10 lakh will be provided for startups that wish to file patents.

''In order to survive in a competitive world, it is important for startups and early-stage entrepreneurs to protect their Intellectual Property Rights (IPR). With the objective of spreading awareness and providing assistance for filing Intellectual Property Rights (IPR) application, this scheme aims to offer financial assistance of up to Rs 2 lakhs for a domestic patent application and up to Rs 10 lakhs for an international patent application, subject to maximum 80% contribution by Maharashtra State Innovation Society set up by the Department of Skill Development, Employment and Entrepreneurship, on a reimbursement basis,'' said Mr. Malik.

The official statement also laid out the eligibility criteria to avail the scheme. The eligibility criteria is as follows:

• The applicant should be a startup recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India and incorporated in Maharashtra.
• For domestic patent applications, since incorporation, the startup should have a revenue of less than INR 1 crore.
• For international patent applications, since incorporation, the startup should have a revenue of less than Rs 5 crore.

The official statement further added that, in case the startup has raised funds of more than Rs 3 crore, then the contribution from Maharashtra State Innovation Society shall reduce to 50% instead of 80%.

Mr. Malik further added that, ''Maharashtra is one of the first few states to provide an end-to-end platform for IPR applications, in addition to financial assistance. This scheme shall help establish Maharashtra’s position as an IP-led startup hub, playing to our advantage as the country’s most industrialized state. This scheme aims to support approximately 125-150 startups in Maharashtra,''

In the first phase, the scheme aims to provide financial support to about 125-150 startups. This scheme will come as a relief to the startups that cannot afford the huge expenses involved in the patenting process. Once implemented, the scheme could improve the startup ecosystem in Maharashtra which in turn might motivate other states to take similar steps to encourage startups to pursue patents for their innovations.

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