The concept of patents can be traced back to the 14th century additionally has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by them. In essence, a new inventions patent is really 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, the right 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 ages.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty to enjoy monopoly over-the-counter 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 new invention 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 function the competitiveness of a business. A wholesome, systematic and customized approach towards patents is called for to use 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 procedure product and process development
Build a patent fortress
One of this approaches for improving getting a patent competitiveness of an agency is by having product differentiators. Product differentiators are brought about by developing products are generally technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there perhaps may not be any changes intended to the product, however, companies might differentiate themselves from competition by products at reduced prices. This might be possible by making changes towards processes used in producing employs a powerful. Such modifications meant to the products/processes might be patent best. Hence, when a company feels these people have made some modification that may patent worthy, it is to contemplate the regarding having such improvements protected by a patent.