The concept of patents can be traced back to the 14th century but it has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these businesses. In essence, a patent is often a set of exclusive rights granted with a country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, realize that clean 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 instances the right is limited to 20 years.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the freedom to enjoy monopoly the particular patented invention for 20 years
A patentee can invention companies monetize his patented invention by selling or licensing out his rights, in accessory for other methods for monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors could have to create non-infringing services processes
The business impact of patents can be used develop the competitiveness of a legitimate income opporunity. 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 technique to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of an organization is getting product differentiators. Product differentiators are delivered by developing products are generally technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there usually will not be any changes made to the product, however, companies might differentiate themselves from competition by products at reduced prices. This might be possible by making changes into the processes employed in producing the product. Such modifications intended to the products/processes might be patent important. Hence, when a company feels may invention ideas have made some modification that may be patent worthy, it inventors help is to contemplate the regarding having such improvements protected by a patent.