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

The concept of patents can be traced back to your 14th century but it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by these guys. In essence, a patent patent your idea is often a set of exclusive rights granted with country in exchange for a patent an idea 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 fixed period of time, and in instances the right is proscribed to 20 lots of years.

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

A patentee gets the freedom to enjoy monopoly the actual years 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 rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing products and processes

The business impact of patents could be used function the competitiveness of a business. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact your business.

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 of this approaches for improving competitiveness of a business is with product differentiators. Product differentiators are caused by developing products which are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there might not be any changes forced to the product, however, companies can i patent an idea might differentiate themselves from competition by products at reduced pricing. This might be possible by making changes to your processes implemented in producing item or service. Such modifications assisted to the products/processes might be patent worthy. Hence, when a company feels may have made some modification that may be patent worthy, it is important to contemplate the regarding having such improvements protected by a patent.