Benefits of the SIP-EIT Scheme

SIP-EIT Scheme is launched by the Government of India to provide financial support to the electronics & information technology startup and the MSMEs. The SIP EITScheme benefits are for filing the patent internationally and to recognise the capability of the global IP. This will bring more growth opportunities to the ICTE sector and encourage people to do more in this area. This step was taken by the ministry of Electronics & Information Technology so that they could acknowledge the hard work of the R&D sections and promote them. 

IPR initiatives 

Among the many other initiatives of the Electronics & Information Technology ministry, one of the most important is the SIP-EIT scheme. The ministry fully supports the value chain of the R&D sector of the technology, which includes product development; this may come under the ICT sphere. 

The initiative also supports intellectual property protection, which serves as an essential component of the advancement in scientific or innovation. The benefits of the invention can be lost if the IP is not well protected. Some of the primary objectives of the ministry are as follows: 

• Promotion of the IPRin the ICT domain.

• Generating awareness regarding the SIP-EIT scheme and many others and supporting the same. 

• Mantaining proper infrastructure to provide a strong IPR ecosystem. 

What is the SIP-EIT scheme?

Now that you have background knowledge about the IPR ecosystem, let us focus on the SIP-EIT scheme and its benefits.  

The SIP-EIT scheme was created/ launched by the ministry of technology. The scheme focuses on providing support to electronics & information technology and provides financial support to the new innovative startups in the sector. 

The main focus of the scheme is to protect the knowledge and the innovative products so that it is not misused. After the launch of this scheme, many new capabilities have been recognised by the government and supported. The SIP-EIT scheme was launched for 5 years, and the main aim was to support around 200 international ICT patent applications. 

SIP-EIT Scheme Benefits

Now that you know about the SIP-EIT Scheme, we will shift to the SIP-EIT Scheme benefits. This will help us know how they could achieve their set target and bring innovation improvement in the R&D section of electronics & information technology.  

Some of the SIP-EIT Scheme benefits are as mentioned below:

• The scheme provides financial support, which is needed for filing an international patent filing in the ICT sector.

• The applicants eligible for these schemes (eligibility criteria as mentioned below) can ask for financial support at any stage of filling the international patent. 

• The SIP-EIT Scheme also provides the facility of filling the international patent in the electronics & information technology online. 

• Only one application has to be filled for an invention for consideration in all the foreign countries. 

Eligibility of applications under the SIP-EIT Scheme

Now let us look at the eligibility criteria that need to be fulfilled to avail the SIP-EIT Scheme benefits:

• The registration of the applicants should be done under the MSME Development Act 2006. 

• The investment limit of the company should be fulfilled, and the company should be registered under the Companies Act of the Government. 

• The investment limit in the plant and machinery should be done to avail the scheme’s benefit. 

What Is the list of documents needed?

Now let us look at some of the documents needed during the process. 

As per the criteria:

• Proof of registration should be present

• A scanned copy of the last audited balance sheet is a must

• The report for the patent search

• The write-up for the invention also has to be submitted in pdf format 

• Documentary proof regarding being a member of the board of directors

• The payment slip (the e-copy) in pdf format

Conclusion 

The SIP-EIP Scheme has its benefits, which are mentioned in the article. The government has taken this initiative to give proper support to the new startup companies that are bringing new innovative ideas to solve unique problems. 

The eligibility criteria should be taken into consideration before applying for the patent. You also have to make sure that you have all the necessary documents needed so that it does not hinder the process. Nevertheless, the scheme has helped many electronics & information technology companies boost and reach great heights.