See Sam Kogan, ‘CEOs Need to Embrace Innovation’, Industry Week, available at
http://www.industryweek.com/articles/ceos_need_to_embrace_innovation_12584.aspx (last visited on 26 September 2009).
See ‘Govt to frame India Innovation Act to spur research and innovation’, 10 September 2007, FICCI Press Release, available at www.ficci.com/press/321/GOVT.doc (last visited on 26 September 2009). Further, the Draft Act was originally to be modelled along the lines of the America COMPETES (Creating Opportunities to Meaningfully Promote Excellence in Technology, Education, and Science) Act, a federal statute in the US. However, on a bare perusal of the US statute, it is clear that while the Draft Act covers most of what is covered in the US statue; it has not been directly lifted from the US statute.
Section 2(1) of the Draft Act states: ‘“Angel Investor” means a person, or entity that provides risk capital to start up ventures established for facilitating and encouraging Innovation (whether proprietorships, partnerships or cooperatives or companies or any other legal entity), not involved in the management, but adding value through association by providing access to commercialization of products and services through its social, professional or business networks and expertise.’
The term was originally used when referring to financiers of Broadway plays. Many plays would not have reached the opening night if it were not for the generous funding of ‘Angel Investors’.
Section 2(4) of the Draft Act.
See Jha and Chatterjee, ‘Public-Private Partnership in a Minimally Invasive Education Approach’, International Education Journal, 6 (5), 587-597.
‘PPP model being looked at for some Innovation Universities: Sibal’, 15 September 2009, New Kerala, available at http://www.newkerala.com/nkfullnews-1-112695.html (last visited on 24 September 2009).
The NSTEDB on its website claims that ‘A STEP creates the necessary climate for innovation, information exchange, sharing of experience and facilities and opening new avenues for students, teachers, researchers and industrial managers to grow in a trans-disciplinary culture, each understanding and depending on the other's inputs for starting a successful economic venture.’
The NIF, among its other objects, seeks to develop a new model of poverty alleviation and employment generation by helping convert grassroots innovations into enterprises.
Earlier known as the Programme Aimed at Technological Self-Reliance (PATSER).
Section45 of the Income Tax Act, 1961 deals with ‘Capital Gains’.
These benefits are extensive: exemption from payment of certain customs/excise duties, exemption from payment on central sales tax in certain circumstances and other excise and tax benefits.
In fact, suggestions for similar fiscal benefits have been recommended in the ‘Report of the Committee on Technology Innovation and Venture Capital’, Government of India, Planning Commission, July 2006 available at http://planningcommission.gov.in/reports/genrep/rep_vcr.pdf (last visited on 27 September 2009).
Especially in the US, where angel investors make an average internal rate of return (IRR) of 27% over four years. See ‘Siding with the Angels: Business angel investing – promising outcomes and effective strategies’, 19 May 2009, Research Report published by BBAA (British Business Angels Association) in collaboration with NESTA (National Endowment for Science, Technology and the Arts), available at http://www.fundingforgrowth.co.uk/NESTA%20siding-with-the-angels-report.pdf (last visited on 27 September 2009).
Jeffrey Williams, ‘Tax Credits and Government Incentives for Angel Investing in Various States’, July 2008, Angel Capital Education Foundation. ‘Calls for more tax incentives for angel investors’, 19 May 2009, Startups, available at http://www.startups.co.uk/6678842909655474626/calls-for-more-tax-incentives-for-angel-investors.html (last visited on 27 September 2009).
‘Singapore Angel Investors’, available at http://www.investmentnetwork.sg/singapore-angel-investors (last visited on 26 September 2009).
Supra note 9.
A liaison office in its normal construction means an office which merely acts as a channel of information and communication for the Head Office; it is does not undertake any commercial, trading, or industrial activity.
Section 6(d) also stipulates that the Government should implement similar measures in respect of newly established units in the Special Innovation Zones, as provided for in Special Economic Zones under the Special Economic Zones Act, 2005.
For example, see UTEK’s TechEx, available at http://www.techex.com/.
Found in the Chapter II on Definitions, Section 2(3) of the Draft Act.
Megarry J. says, ‘If the circumstances are such that any reasonable man standing in the shoes of the recipient of the information would have realized that upon reasonable grounds the information was being given to him in confidence, then it should suffice to impose upon him the equitable obligation of confidence’. See ‘Briefing Note - Law of Confidential Information in the UK’, Gillhams Solicitors and Lawyers, available at http://www.gillhams.com/articles/168.cfm (last visited on 26 September 2009).
Agreement on Trade Related Aspects of Intellectual Property Rights (adopted 15 April 1994, entered into force 1 January 1995) Annex 1C of the Marrakesh Agreement Establishing the World Trade Organization, available at http://www.wto.org/english/tratop_e/trips_e/t_agm0_e.htm (last visited on 29 September 2009). The TRIPS was arrived at by the World Trade Organisation during the Uruguay Round in 1995. It attempts to reconcile the international intellectual property (IP) laws.
§ 39 (2002).
Which are protected by the Lanham Act and Patent Act respectively.
The UTSA was written by the National Conference of Commissioners on Uniform State Law originally in 1970. In 1985 and 1999 the UTSA underwent revisions that are largely expansions of the original definitions. Only Massachusetts, New York, New Jersey, North Carolina, and Texas have not adopted the UTSA.
Section 8(1) of the Draft Act reads: ‘Parties may contractually set out the terms and conditions governing rights and obligations in respect of Confidential Information, including with a view to maintain confidentiality and prevent Misappropriation.’
Section 27 of the Indian Contract Act, 1872.
Section 8(3) of the Draft Act. Further, Section 9 reads: ‘‘Confidentiality arising from non contractual relationships’ – Obligations of confidentiality and equitable considerations may also create rights to maintain and obligation as to preserve confidentiality and rights to prevent disclosure or release into the public domain of Confidential Information by any third party who has received such information other than with the consent of a complainant.’
(1963) 3 All. E. R. 413.
(1963) 3 All. E.R. 402.
2006(32) PTC 609 (Del).
Therefore, even if no contract exists, an employer is entitled to protect confidential information which amounts to a ‘trade secret’ or which prevents ‘some personal influence over customers being abused in order to entice them away’. Faccenda Chicken Ltd. v. Fowler, (1987) Ch. 117, 137.
18 U.S.C. § 1831–1839. ‘Trade secrets’ are defined in the act consistent with generally accepted legal definitions such as those used in the Uniform Trade Secrets Act and state laws based on the UTSA.
