What Patent Strategies Can Supply to Improve Competitiveness of a Business?

The concept of patents can be traced back towards the 14th century and it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by these businesses. 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 how to patent ideas ideas inventions to a patentee, in most countries, include, ideal 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 limited period of time, and in many the right is limited to 20 months and months.

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 patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other ways of monetizing

Engineers and scientists can access a good 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 functioning . the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact your sector.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent technique to product and process development

Build a patent fortress

One for this approaches for improving competitiveness of a service is with product differentiators. Product differentiators are generated by developing products getting a patent are generally technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes forced to the product, however, companies might differentiate themselves from competition by offering products at reduced values. This might be possible by making changes towards processes employed in producing employs a powerful. Such modifications developed to the products/processes might be patent worthy. Hence, when a company feels they will have made some modification that end up being patent worthy, it is crucial to contemplate the idea of having such improvements protected by a patent.