The concept of patents can be traced back to the 14th century and it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in how to patent an idea or product technology made by them. In essence, a patent is really a set invention companies of exclusive rights granted by a country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, ideal to exclude others from making, using, selling, importing, offering for sale or distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for a limited period of time, and in many the right is restricted to 20 lots of years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the freedom to enjoy monopoly the actual years patented invention for 20 getting a patent years
A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other associated with monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors may have to create non-infringing services processes
The business impact of patents can be used function the competitiveness of a business. A wholesome, systematic and customized approach towards patents is called for to use the power of patents to positively impact your business.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent means to product and process development
Build a patent fortress
One of your approaches for improving competitiveness of a business is with product differentiators. Product differentiators are caused by developing products will be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there usually will not be any changes intended to the product, however, companies might differentiate themselves from competition by providing products at reduced pricing. This might be possible by making changes towards the processes implemented in producing the product. Such modifications developed to the products/processes might be patent desirable. Hence, when a company feels may have made some modification that may be patent worthy, it is to contemplate the associated with having such improvements protected by a patent.