The concept of patents can be traced back on the 14th century and it has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by children. In essence, a patent is really a set of exclusive rights granted through 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 a fixed period of time, and in most cases the right is fixed to 20 ages.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty to enjoy monopoly over-the-counter patented invention for 20 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 can have to create non-infringing providers processes
The business impact of patents can be used develop the how to patent a product
competitiveness of a business. A wholesome, systematic and customized approach towards patents is necessary to use the power of patents to positively impact your sector.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent ways to product and process development
Build a patent fortress
One of the approaches for improving competitiveness of an organization is getting product differentiators. Product differentiators are resulted by developing products will be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely not be any changes forced to the product, however, companies might differentiate themselves from competition by providing products at reduced value. This might be possible by making changes to the processes present in producing the product. Such modifications made to the products/processes might be patent deserving. Hence, when a company feels that they have made some modification that may be patent worthy, it is crucial to contemplate the involving having such improvements protected by a patent.