Innovation Authority being set up in Karnataka.
The State will soon set up an innovation authority to empower the startups for the ‘ease of doing business’. This initiative is to protect the IP of Companies.
To give a fillip to protect the intellectual property of co’s, the State government is setting up an Innovation Authority. Bengaluru city which is the forefront of IT, is taking the next step to increase the IT/BT sector growth.
Karnataka Innovation Authority
Bengaluru is ranked 20th among the world’s innovation cities.
Innovation authority will be an independent and impartial public entity that operates for the innovation ecosystem in the state.
The Karnataka Innovation Authority (KIA) will be set up through a law to overcome the legal problems the startups face. This setup will be headed by the Chief minister. The startups face problems in innovating technologies and ideas
One of the reasons the government has taken this initiative is to do with legal hurdles in commercializing new ideas. The small businesses and start-ups often struggle with IP being stolen or submission by big companies.
This problem was brought to the notice of the government by the IT/BT sector. The Innovation authority – Karnataka will have over-riding powers to overcome the legal hurdles.
The state government will put in place a legal framework to protect the IO, a first in the country. This will be based on block-chain technology, where the ideals are protected for commercialization.
Israel is the only country in the world to form the Israel Innovation Authority, formerly known as the Office of the Chief Scientist of the Ministry of Economy to foster innovation in the country.