What Patent Strategies Can Be employed to Improve Competitiveness of a Business?

The concept of patents can be traced back towards 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 new ideas for inventions made by children. 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, 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 smallish inventions ideas period of time, and in most cases the right has limitations to 20 lots of years.

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

A patentee gets the liberty to enjoy monopoly in the 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 functioning . 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 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 among the approaches for improving competitiveness of an agency is getting product differentiators. Product differentiators are generated by developing products which are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there usually will not be any changes intended to the product, however, companies might differentiate themselves from competition through providing products at reduced values. This might be possible by making changes towards the processes implemented in producing item or service. Such modifications made to the products/processes might be patent worthy. Hence, when a company feels the player have made some modification that may patent worthy, it is crucial to contemplate the involving having such improvements protected by a patent.