The concept of patents can be traced back towards 14th century but 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 with 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 smallish period of time, and in instances the right is limited to 20 growth cycles.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A invention idea 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 addition to other ways of monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors can have to create non-infringing services processes
The business impact of patents can be used develop the competitiveness of a business. A wholesome, systematic and customized approach towards patents is necessary to use the power of patents to positively impact your corporate.
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 for this approaches for improving competitiveness of a business or company is by having product differentiators. Product differentiators are caused by developing products are generally technologically new invention ideas superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes which is designed to the product, however, companies might differentiate themselves from competition offering products at reduced pricing. This might be possible by making changes towards the processes employed in producing employs patent an idea a powerful. Such modifications meant to the products/processes might be patent important. Hence, when a company feels that they have made some modification that may patent worthy, it is important to contemplate the associated with having such improvements protected by a patent.