The Indian Institute of Science (IISc) has introduced an ingenuously built a software for automating the mechanism of protection and translation of Intellectual Property (IP).
IISc director, Govindan Rangarajan introduced the software named as ProrIISeTM on Monday. The software was subjected to an intense testing for three years prior to he release, and will be utilized for automation of the legal and the bureaucratic part of intellectual property protection and translation.
The IISc stated the protection is critical when the IP is translated to industry with the intent of commercialization. But, the track record is very poor regarding the translation and protection. According to a study conducted by IISc in 2016 revealed about the amount of time spent over administering the patent process is more rather than over translation which leads to poor protections.
With manual monitoring of the legal, financial and bureaucratic maze leads to an inefficient system, which further triggers loss of rights with the lacking interest of the investors in patenting. IISc said, “It is hoped that by reducing the effort spent on administering IP, time will be released that can be spent on translation to industry.”
The second version of the software set for 2021 release will be automating the financial component. Moving ahead, version 3 of the software will have artificial intelligence approaches along with prior art searches which are needed for evaluating a patent, and be launched by 2022.
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