The concept of patents can be traced back on the 14th century and yes it even has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by your patent your idea kids. In essence, a patent can be a set of exclusive rights granted by 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 most cases the right is limited to 20 lots of years.
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 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 how do i patent an idea pool of patent information and improvise on existing technology
Competitors may have to create non-infringing services processes
The business impact of patents could be used functioning . the competitiveness of a business. A wholesome, systematic and customized approach towards patents is required 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
new ideas for inventions
Intelligent ways to product and process development
Build a patent fortress
One for this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are resulted by developing products which are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes which is designed 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 use within 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 end up being patent worthy, it vital to contemplate the associated with having such improvements protected by a patent.