The concept of patents can be traced back on the 14th century additionally has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by them. In essence, a patent is often a set of exclusive rights granted any country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, ideal to exclude others from making, using, selling, importing, offering for sale or how to file a patent distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for a fixed period of time, and in instances the right is fixed to 20 growth cycles.
The exclusive rights granted to a patentee have business impact, some that 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 accessory for other associated with monetizing
Engineers and scientists can access a rich pool of patent information and improvise on existing technology
Competitors can have to create non-infringing services 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 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 procedure product and process development
Build a patent fortress
One of your approaches for improving competitiveness of a service is getting product differentiators. Product differentiators are brought about by developing products which are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes which is designed to the product, however, companies might differentiate themselves from competition offering products at reduced prices. This might be possible by making changes towards the processes implemented in producing item or service. Such modifications developed to the products/processes might be patent important. Hence, when a company feels that they have made some modification that may be patent worthy, it is to contemplate the involving having such improvements protected by a patent.