The concept of patents can be traced back on the 14th century plus it new ideas for inventions doesn't has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter 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 most countries, include, ideal 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 modest period of time, and inventions in most cases the right is limited to 20 years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the freedom to enjoy monopoly over the patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other ways of monetizing
Engineers and scientists can access a refreshing pool of patent information and improvise on existing technology
Competitors will have to create non-infringing services processes
The business impact of patents could be used 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 provider.
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 an organization is getting product differentiators. Product differentiators are caused by developing products that are technologically superior, has newer/better features or addresses specific needs of how to get a patent on an idea consumers. Sometimes, there might not be any changes made to the product, however, companies might differentiate themselves from competition by products at reduced value. This might be possible by making changes into the processes use within producing employs a powerful. Such modifications developed to the products/processes might be patent important. Hence, when a company feels the player have made some modification that might be patent worthy, it is important to contemplate the idea of having such improvements protected by a patent.