The concept of patents can be traced back towards 14th century and yes it even has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by them. 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 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 smallish period of time, and in instances the right is limited 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 particular patented invention for what to do with an invention idea 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 refreshing pool of patent information and improvise on existing technology
Competitors can have to create non-infringing products and processes
The business impact of patents could be used to enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial to use the power of patents to positively impact your corporate.
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 the approaches for improving competitiveness of a business is with product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes forced to the product, however, companies might differentiate themselves from competition offering products at reduced value. This might be possible by making changes to the processes used in producing pill. Such modifications developed to the products/processes might be patent worthy. Hence, when a company feels they will have made some modification that might be patent worthy, it vital to contemplate the associated with having such how to patent an idea or product improvements protected by a patent.