The concept of patents can be traced back to your 14th century but it has consistently evolved over time. The concept 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 really 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, realize that clean 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 smallish period of time, and in many the right is fixed to 20 years.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty 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 ways of monetizing
Engineers and scientists can access a wealthy pool of patent information and improvise on existing technology
Competitors could have to create non-infringing services processes
The business impact of patents could be used functioning . the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact your provider.
4 fold approach for enhancing competitiveness
Build a patent how to patent your idea
Proactively safeguard your business interests
Respect others intellectual property
Intelligent approach to product and process development
Build a patent fortress
One of this approaches for improving competitiveness of a service is by having product differentiators. Product differentiators are delivered by developing products that are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there may possibly be any changes which is designed to the product, however, companies might differentiate themselves from competition by providing products at reduced prices. This might be possible by making changes to your processes present patenting an idea
in producing employs a powerful. Such patenting an idea
modifications made to the products/processes might be patent deserving. Hence, when a company feels may have made some modification that may patent worthy, it is important to contemplate the involving having such improvements protected by a patent.