The concept of patents can be traced back towards the 14th century and yes it even has consistently evolved over patent an invention time. This is really of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by children. In essence, a patent can be a set 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, 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 smallish period of time, and in instances the right is limited to 20 months and months.
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 how to patent out his rights, in accessory for other methods for monetizing
Engineers and scientists can access an excellent pool of patent information and improvise on existing technology
Competitors will have to create non-infringing products and processes
The business impact of patents can be used function the competitiveness of a market. A wholesome, systematic and customized approach towards patents is necessary to make use of the 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 your approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are delivered by developing products that are 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 offering products at reduced value. This might be possible by making changes to your processes employed in producing item or service. Such modifications intended to the products/processes might be new ideas for inventions patent desirable. Hence, when a company feels they will have made some modification that might be patent worthy, it is important to contemplate the regarding having such improvements protected by a patent.