The concept of patents can be traced back patent idea towards 14th century but it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by these businesses. In essence, a patent is really a set of exclusive rights granted with 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 can you patent an idea for sale or distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for modest period of time, and in instances the right is restricted to 20 ages.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty to enjoy monopoly over-the-counter 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 good pool of patent information and improvise on existing technology
Competitors can have to create non-infringing providers processes
The business impact of patents can be used to 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 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 a business or company is getting product differentiators. Product differentiators are caused by developing products that happen to be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there usually will not be any changes made to the product, however, companies might differentiate themselves from competition by providing products at reduced prices. This might be possible by making changes to the processes employed in producing employs a how to start an invention powerful. Such modifications intended to the products/processes might be patent important. Hence, when a company feels they will have made some modification that might be patent worthy, it is very to contemplate the idea of having such improvements protected by a patent.