The concept of patents can be traced back towards 14th century additionally has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by them. In essence, a patent is a set of exclusive rights granted any country in exchange for a public disclosure of their invention. The rights granted to a patentee, in how to pitch an idea to a company most countries, include, the particular to exclude others from making, using, selling, importing, offering for sale or distributing the patented new invention ideas invention without permission of the patentee. This set of exclusive rights is granted for modest period of time, and in many the right has limitations to 20 months and months.
The exclusive rights granted to a patentee have 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 accessory for other associated with monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors may have to create non-infringing products and processes
The business impact of patents could be used functioning . the competitiveness of a business. A wholesome, systematic and customized approach towards patents is necessary 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 this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are delivered by developing products that happen to be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there usually will not be any changes forced to the product, however, companies might differentiate themselves from competition by providing products at reduced values. This might invention help be possible by making changes towards processes present in producing employs a powerful. Such modifications assisted to the products/processes might be patent worthy. Hence, when a company feels may have made some modification that may be patent worthy, it vital to contemplate the involving having such improvements protected by a patent.