The concept of patents can be traced back towards 14th century and yes it even has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by these guys. In essence, a patent is often a set of exclusive rights granted any country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, re-decorating . 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 modest period of time, and in most cases the right is limited to inventions ideas 20 years.

The exclusive rights granted to a patentee have business impact, some of which are listed below:

A patentee gets the liberty to enjoy monopoly the actual years patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other ways of monetizing

Engineers and scientists can access a rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing products and processes

The business impact of patents can be used develop the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is required to make use of the invention idea power of patents to positively impact your provider.

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 the approaches for improving competitiveness of an organization new invention ideas is getting product differentiators. Product differentiators are resulted by developing products will be technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there usually will not be any changes intended to the product, however, companies might differentiate themselves from competition by providing products at reduced values. This might be possible by making changes into the processes employed in producing the product. Such modifications meant to the products/processes might be patent worthy. Hence, when a company feels the player have made some modification that may be patent worthy, it is important to contemplate the involving having such improvements protected by a patent.