The concept of patents can be traced back towards 14th century and it has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by them. In essence, a patent is often a set of exclusive rights granted through country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the particular 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 most cases the right is restricted to 20 growth cycles.
The exclusive rights granted to a patentee have patent my idea business impact, some of which 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 methods for monetizing
Engineers and scientists can access a rich pool of patent information and improvise on existing technology
Competitors could have to create non-infringing providers processes
The business impact of patents can be used to enhance the competitiveness of a market. A wholesome, systematic and customized approach towards patents is required 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 means to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of an agency is getting product differentiators. Product differentiators are brought about by developing products are generally technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there might not be any changes intended to the product, however, companies might differentiate themselves from competition by providing products at reduced values. This might be possible by file a patent making changes towards the processes use within producing employs a powerful. Such modifications meant to the products/processes might be patent best. Hence, when a company feels that they have made some modification that end up being patent worthy, product patent it vital to contemplate the associated with having such improvements protected by a patent.