The concept of patents can be traced back to the 14th century but it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by these businesses. In essence, a patent is often 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 limited period of time, and in most cases the right is restricted to 20 ages.
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-counter patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other ways of monetizing
Engineers and scientists can access a rich 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 function the competitiveness of a market. A wholesome, systematic and customized approach towards patent a product patents is required to make use of 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 ways to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of a service is getting product differentiators. Product differentiators are generated by developing products are generally technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there how to patent a product idea usually will not be any changes intended to the product, however, companies might differentiate how to patent an idea or product themselves from competition through providing products at reduced pricing. This might be possible by making changes to your processes used in producing item or service. Such modifications intended to the products/processes might be patent worthy. Hence, when a company feels that they have made some modification that may patent worthy, it is to contemplate the involving having such improvements protected by a patent.