The concept of patents can be traced back to your 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by your kids. 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 a smallish period of time, and in instances how do you patent an idea the right is proscribed to 20 growth cycles.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty to enjoy monopoly over the patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other methods for monetizing
Engineers and scientists can access a rich pool of patent information and improvise on existing technology
Competitors will have to create non-infringing providers processes
The business impact of patents can be used to enhance the competitiveness of a business. A wholesome, systematic and customized approach towards patents is required 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 approach to product and process development
Build a patent fortress
One of your approaches for improving competitiveness of a business is getting product differentiators. Product differentiators are generated by developing products that happen to be technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there may possibly be any changes intended to the product, however, companies might differentiate themselves from competition by products at reduced values. This might be possible by making changes towards processes use within producing item or service. Such modifications meant to the products/processes might be patent deserving. Hence, when a company feels these people have made some modification that may be patent worthy, it is important to contemplate the idea of having such improvements protected by a patent.