The concept of patents can be traced back towards 14th century and it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual how to patent years improvements in technology made product patent by your kids. In essence, a patent is often 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, 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 most cases the right has limitations to 20 months and months.
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 ways of monetizing
Engineers and scientists can access a refreshing pool of patent information and improvise on existing technology
Competitors may have to create non-infringing products and how to get a patent on an idea processes
The business impact of patents could be used enhance the competitiveness of a market. A wholesome, systematic and customized approach towards patents is crucial to make use of the power of patents to positively impact your business.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent ways to 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 brought about by developing products will be technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there will most likely not be any changes forced to the product, however, companies might differentiate themselves from competition through providing products at reduced deals. This might be possible by making changes towards the processes employed in producing the product. Such modifications made to the products/processes might be patent best. Hence, when a company feels the player have made some modification that may be patent worthy, it is very to contemplate the regarding having such improvements protected by a patent.