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Entrepreneurship and Small Business Management
Notes The Indian Trademarks Law has been extended through court decisions to service marks
in addition to trade marks for goods. Computer software companies have successfully
curtailed piracy through court orders. Computer databases have been protected.
Projects relating to the modernization of patent information services and trademarks
registry have been implemented with help of WIPO/UNDP.
4.5 Keywords
Agreement: It is a negotiated and usually legally enforceable understanding between two or
more legally competent parties.
Attorney: A person appointed to act for another in business or legal matters.
Copyright: Copyright refers to a bundle of exclusive rights vested in the owner of copyright by
virtue of Section 14 of the Act.
Gizmo: A mechanical device or part whose name is forgotten or unknown.
Intellectual Property (IP): It refers to creations of the mind: inventions, literary and artistic
works, and symbols, names, images, and designs used in commerce.
Intrinsic Factors: The factors relating to the essential nature of a thing; inherent.
License: A permit from an authority to own or use something, do a particular thing, or carry on
a trade.
Piracy: The unauthorized use or reproduction of copyrighted or patented material.
Trademark: Trademark means a different mark of authenticity, through which the products of
particular manufacturers or different commodities of particular manufacturer, trader, or vendor
may be distinguished from those of others.
TRIPs: Trade Related Intellectual Property Rights
4.6 Review Questions
1. Determine and analyse the relevance of intellectual property rights in India.
2. Critically analyze the role of WTO in IPR.
3. “Business involves a lot of legal hassles”. Discuss how.
4. Intellectual property is the foundation of knowledge-based economy. Do you agree? Give
reasons.
5. Write a note on Copyrights and Patents.
6. What do you understand by ‘right to privacy’? Do you think it is relevant?
7. Write a note on any two acts related to patents and trademarks.
8. Developing countries are fighting hard to be on a same level as developed country.
Examine the role of IPR in this context.
9. Give a practical example of any case related to patents and trademarks.
10. As an entrepreneur, how will you make sure that your IPR are well protected?
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