The concept of patents can be traced back to patent invention your 14th century additionally has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by these businesses. 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, 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 many 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 freedom to how to invent a product enjoy monopoly the ideas for inventions actual years 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 rich pool of patent information and improvise on existing technology
Competitors will have to create non-infringing services processes
The business impact of patents can be used develop the competitiveness of a market. A wholesome, systematic and customized approach towards patents is called for to use the power of patents to positively impact your sector.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent technique to product and process development
Build a patent fortress
One of this approaches for improving competitiveness of an agency is with product differentiators. Product differentiators are generated by developing products that happen to be technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there might not be any changes made to the product, however, companies might differentiate themselves from competition by offering products at reduced prices. This might be possible by making changes to the processes employed in producing the product. Such modifications meant to the products/processes might be patent important. Hence, when a company feels that they have made some modification that might be patent worthy, it is crucial to contemplate the regarding having such improvements protected by a patent.