The concept of patents can be traced back on invention companies the 14th century but it has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by children. In essence, a patent is 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 the right is fixed to 20 ages.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the freedom to enjoy monopoly in 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 wealthy pool of patent information and improvise on existing technology
Competitors can have to create non-infringing providers processes
The business impact of patents can be used to enhance the competitiveness of a business. A wholesome, systematic and customized approach towards patents is patent ideas crucial to make use of the power of patents to positively impact your sector.
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 your approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are resulted by developing products are generally technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there might 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 present in producing the product. Such modifications made to the products/processes might be patent desirable. Hence, new product ideas when a company feels the player have made some modification that end up being patent worthy, it vital to contemplate the regarding having such improvements protected by a patent.