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

The concept of patents can be traced back to the 14th century and yes it even has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by children. In essence, a patent can be 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, re-decorating . 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 most cases the right is restricted 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 the actual years patented invention product patent 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 rich pool of patent information and improvise on existing technology

Competitors can have to create non-infringing providers processes

The business impact of patents could be used develop the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is critical 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 of your approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are resulted by developing products will be technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes designed the product, however, companies might differentiate how how to patent your idea to get an idea patented themselves from competition offering products at reduced values. This might be possible by making changes to your processes present in producing employs a powerful. Such modifications assisted to the products/processes might be patent deserving. Hence, when a company feels the player have made some modification that might be patent worthy, it is very to contemplate the idea of having such improvements protected by a patent.