What Patent Strategies Can Be used to Improve Competitiveness on a Business?

May 12, 2017  
The concept of patents can be traced back to the 14th century but it has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these guys. 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, 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 period of time, and in instances the right how to patent an idea is restricted 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 patent an invention can monetize his patented invention by selling or licensing out his rights, in accessory for other ways of 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 enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial to use the power of patents to positively impact your sector.

4 fold approach for how to invent a product 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 among the approaches for improving competitiveness of a business or company is by having product differentiators. Product differentiators are caused by developing products which are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes intended to the product, however, companies might differentiate themselves from competition by providing products at reduced prices. This might be possible by making changes to your processes employed in producing employs a powerful. Such modifications intended to the products/processes might be patent important. Hence, when a company feels that they have made some modification that may patent worthy, it is very to contemplate the associated with having such improvements protected by a patent.