The concept of patents can be traced back towards 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by children. 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, 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 is granted for a limited period of time, and in instances the right is limited to 20 growth cycles.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the freedom new product ideas 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 addition to other methods for monetizing
Engineers and scientists can access a wealthy 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 enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is required to make use of the power invention patent 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 an agency is by having product differentiators. Product differentiators are resulted by developing products that are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes made to the product, however, companies might differentiate themselves from competition by providing products at reduced values. This might be possible by making changes into the processes employed in producing item or service. Such modifications assisted to the products/processes might be patent desirable. Hence, when a company feels these people have made some modification that end up being patent patent your idea worthy, it is to contemplate the associated with having such improvements protected by a patent.