The concept of patents can be traced back to the 14th century and it has consistently evolved over time. The thought 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 often a set of exclusive rights granted through country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the particular to exclude others from making, using, selling, importing, offering for sale or distributing the patented invention product ideas
without permission of the patentee. This set of exclusive rights is granted for a smallish period of time, and in instances the right is fixed to 20 ages.
The exclusive rights granted to a patentee have business impact, some that 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 how to patent
to other associated with monetizing
Engineers and scientists can access a wealthy pool of patent information and improvise on existing technology
Competitors will have to create non-infringing products and processes
The business impact of patents can be used functioning . the competitiveness of a business. A wholesome, systematic and customized approach towards patents is necessary 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 approach to product and process development
Build a patent fortress
One of this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are delivered by developing products are generally technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely not be any changes which is designed to the product, however, companies might differentiate themselves from competition by products at reduced invention companies
values. This might be possible by making changes towards processes present in producing the product. Such modifications intended to the products/processes might be patent desirable. Hence, when a company feels the player have made some modification that end up being patent worthy, it is very to contemplate the involving having such improvements protected by a patent.