What Patent Strategies Can Be employed to Improve Competitiveness connected with Business?

The concept of patents can be traced back to the 14th century and it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these businesses. In essence, a patent is a set of exclusive rights granted with country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the right 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 ideas for inventions is granted for a smallish period of time, and in instances the right is proscribed to 20 months and months.

The exclusive rights granted to a patentee have business impact, some that are listed below:

A patentee gets the how to patent an idea or product liberty 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 product patent monetizing

Engineers and scientists can access a wealthy 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. A wholesome, systematic and customized approach towards patents is critical to use the power of patents to positively impact your venture.

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 for this 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 of consumers. Sometimes, there may possibly be any changes which is designed to the product, however, companies might differentiate themselves from competition offering products at reduced values. This might be possible by making changes to the processes used in producing the product. Such modifications assisted to the products/processes might be patent deserving. Hence, when a company feels may have made some modification that might be patent worthy, it is very to contemplate the involving having such improvements protected by a patent.