The concept of patents can be traced back to the 14th century and it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by children. In essence, a patent can be 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 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 fixed period of time, and in many can you patent an idea
the right has limitations to 20 years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty to enjoy monopoly the particular 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 a good pool of patent information and improvise on existing technology
Competitors could have to create non-infringing services processes
The business impact of patents can be used develop the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is critical 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 ways to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are caused by developing products will be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there perhaps may not be any changes forced to the product, however, companies might differentiate themselves from competition by providing products at reduced prices. This might be possible by making changes towards the processes used in producing employs a powerful. Such modifications assisted to the products/processes might be patent best. Hence, when a company feels these people have made some modification that might be patent worthy, it is very to contemplate the involving having such improvements protected by a patent.