What Patent Strategies Can Be used to Improve Competitiveness on a Business?

The concept of patents can be traced back to your 14th century and yes it even has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by them. In essence, a patent is really a set of exclusive rights granted with 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 fixed period of time, and in many the right has limitations to 20 ages.

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

A patentee gets the freedom 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 accessory for other associated with monetizing

Engineers and scientists can access a rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing services processes

The business impact of patents can be used enhance the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is required to make use of the power of patents to positively impact your corporate.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent approach to product and process development

Build a patent fortress

One of the approaches for improving competitiveness of an organization is with product differentiators. invention idea Product differentiators are caused by developing products which are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely not be any ideas for inventions changes intended to the product, however, companies might differentiate themselves from competition through providing products at reduced value. This might be possible by making changes towards processes employed in producing item or service. Such modifications assisted to the products/processes might be patent deserving. Hence, new invention idea when a company feels they will have made some modification that might be patent worthy, it is very to contemplate the involving having such improvements protected by a patent.