The concept of patents can be traced back to the 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by them. In essence, a patent is a set of exclusive rights granted with country in exchange for how to patent an idea
a public disclosure of their invention. The rights granted to a product patent
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 smallish period of time, and in instances the ideas for inventions
right is fixed to 20 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 particular 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 providers processes
The business impact of patents could be used to enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial 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 ways to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of a service is with product differentiators. Product differentiators are delivered by developing products are generally 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 through providing products at reduced pricing. This might be possible by making changes towards processes used in producing employs a powerful. Such modifications intended to the products/processes might be patent deserving. Hence, when a company feels may have made some modification that may be patent worthy, it is important to contemplate the associated with having such improvements protected by a patent.