The concept of patents can be traced back to the 14th century but ideas inventions it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these guys. In essence, a patent is often a set of exclusive rights granted through 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 limited period of time, and in most cases the right has limitations to 20 lots of years.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the freedom to enjoy monopoly the actual years 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 refreshing pool of patent information and improvise on existing technology
Competitors will have to create non-infringing products and processes
The business impact of patents could be used functioning . the competitiveness of a market. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact your venture.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent technique to product and process development
Build a patent fortress
One of this approaches for improving competitiveness of an agency is by having product differentiators. Product differentiators are generated by developing products invention ideas that happen to be technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there will most likely not 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 into the processes implemented in producing item or service. Such modifications meant to the products/processes might be patent desirable. Hence, when a company feels the player have made how to patent ideas some modification that might be patent worthy, it is crucial to contemplate the associated with having such improvements protected by a patent.