Intellectual Property Rights (IPR) is a subject that is gaining increasing importance globally. In order to keep faculty up to date with this important subject, Shri Ram Murti Smarak College of Engineering &Technology, Bareilly’s Innovation and Incubation Cell organized a workshop on IPR on 10 April 2017.
Intellectual property in the form of copyright, patents, industrial designs and trademarks are usually seen as only legal concepts with little relevance to business otherwise. This workshop was conducted to develop better understanding of IPRs for faculty members. Mr. Lalit Ambastha, Founder & Patent Attorney, Patent Wire Consultants Pvt Ltd, New Delhi was invited to share his valuable inputs on the subject.
He highlighted that IPR is concerned with the protection of tangible and intangible property. It provides material awards and recognition to the inventors and contributors for their investment of time, effort, and capital. Hence, it enhances motivation to disseminate scientific and technological information, which in turn stimulates research and development for improvement of the quality of life.
He emphasized on the economic functioning of IPR and how this can be thought of as minimization of transaction costs (search, bargain, and enforcement) and the optimization of time to fruition and avoidance of duplication.
The session ended with many thought-provoking ideas that helped everyone understand the changes in the scope of “property” (knowledge commodity, information technology, and cosmic space), prevalence of complex IPR legislation and management institutional mechanism.