The concept of patents can be traced back towards the 14th century and yes it even has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the actual years 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, the particular 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 proscribed 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 freedom to enjoy monopoly in the 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 good pool of patent information and improvise on existing technology
Competitors could have to create non-infringing services processes
The business impact of patents could be used function the competitiveness of a business. A wholesome, systematic and customized approach towards patents is called for to how to patent make use of 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 procedure product and process development
Build a patent fortress
One for this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are delivered by developing products that happen to be technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes made to the product, however, companies might differentiate themselves from competition through providing products at reduced values. This might be possible by making changes towards processes present in producing employs a powerful. Such modifications assisted 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 important to contemplate the idea of having such improvements protected by a patent.