The concept of patents can be traced back towards the 14th century and it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these businesses. In essence, a patent is often a set of exclusive rights granted any 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 modest period of time, and in instances the right is restricted to 20 lots of years.
The exclusive rights granted to a patentee have business file a patent impact, some that are listed below:
A patentee gets the freedom 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 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 crucial to make use of the power of patents to positively impact your sector.
4 fold approach for enhancing competitiveness
Build a patent fortress
how to pitch an invention to a company
Proactively new invention ideas safeguard your business interests
Respect others intellectual property
Intelligent technique to product and process development
Build a patent fortress
One of your approaches for improving competitiveness of an organization is getting product differentiators. Product differentiators are caused by developing products that are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes made to the product, however, companies might differentiate themselves from competition offering products at reduced values. This might be possible by making changes towards the processes employed in producing the product. Such modifications intended to the products/processes might be patent desirable. Hence, when a company feels they will have made some modification that end up being patent worthy, it is to contemplate the involving having such improvements protected by a patent.