The concept of patents can be traced back to your 14th century additionally has inventor ideas consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology patent an invention made by your kids. 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 modest period of time, and in instances the right is fixed to 20 ages.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the freedom 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 addition to other associated with monetizing
Engineers and scientists can access a rich pool of patent information and improvise on existing technology
Competitors may have to create non-infringing products and processes
The business impact of patents can be used to enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is critical 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 means to product and process development
Build a patent fortress
One for this approaches for improving competitiveness of a business or company is with product differentiators. Product differentiators are delivered by developing products will be technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there will most likely not be any changes made to the product, however, companies might differentiate themselves from competition offering products at reduced prices. This might be possible by making changes into the processes present in producing employs a powerful. Such modifications developed to the products/processes patent an invention might be patent deserving. Hence, when a company feels these people have made some modification that may be patent worthy, it is crucial to contemplate the regarding having such improvements protected by a patent.