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 patent is often a set of exclusive rights granted with country in exchange for a public disclosure of their invention. patenting an idea 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 many the right is restricted to 20 growth cycles.
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 accessory for other methods for monetizing
Engineers and scientists can access an excellent pool of patent information and improvise on existing technology
Competitors could have to create non-infringing products and processes
The business impact of patents can be used function the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is required to make use of 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 your approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are brought about by developing products that are technologically superior, has newer/better new invention idea features or addresses specific needs buyers. Sometimes, there usually will not be any changes made to the product, however, companies might differentiate themselves from competition offering products at reduced pricing. This might be possible by making changes towards processes present in producing patent my idea the product. Such modifications made to the products/processes might be patent desirable. Hence, when a company feels these people have made some modification that may patent worthy, it is crucial to contemplate the associated with having such improvements protected by a patent.