The concept of patents can be traced back to your 14th century and it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements inventor ideas in technology made by them. In essence, a patent is really 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, 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 modest period of time, and in many the right has limitations to 20 growth cycles.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the freedom 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 accessory for other associated with monetizing
Engineers and scientists can access a refreshing pool of patent information and improvise on existing technology
Competitors could have to create non-infringing providers processes
The business impact of patents could be used to enhance the competitiveness product ideas of a how to patent an invention business enterprise. A wholesome, systematic and customized approach towards patents is necessary to make use of 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 approach to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of a service is getting product differentiators. Product differentiators are caused by developing products will be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there might not be any changes forced to the product, however, companies might differentiate themselves from competition through providing products at reduced values. This might be possible by making changes towards processes used in producing item or service. Such modifications intended to the products/processes might be patent deserving. Hence, when a company feels may have made some modification that may patent worthy, it is very to contemplate the regarding having such improvements protected by a patent.