The concept of patents can be traced back to the 14th century and yes it even has consistently evolved over time. The thought 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 really 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, re-decorating . to exclude others patent ideas 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 instances the right is restricted to 20 ages.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty 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 associated with monetizing
Engineers and scientists can access an excellent pool of patent information and improvise on existing technology
Competitors will have to create non-infringing providers processes
The business impact of patents could be used enhance the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is called for to ideas for inventions use the power of patents to positively impact your provider.
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 of this approaches for improving competitiveness of a business or company is by having product differentiators. Product differentiators are resulted by developing products that are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes forced to the product, however, how to get an idea patented companies might differentiate themselves from competition through providing products at reduced values. This might be possible by making changes towards processes present in producing item or service. Such modifications assisted to the products/processes might be patent desirable. Hence, when a company feels that they have made some modification that might be patent worthy, it vital to contemplate the regarding having such improvements protected by a patent.