The concept of patents can be traced back towards 14th century additionally has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these businesses. In essence, a patent is a set of exclusive rights
how to patent your idea granted with a country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the particular 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 small period of time, and in most cases 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 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 ways of monetizing
Engineers and scientists can access an excellent pool of patent information and improvise on existing technology
Competitors could have to create non-infringing services processes
The business impact of patents could be used function the competitiveness of an online business. 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 delivered by developing products
patent a product that happen to be technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes designed the
invention idea product, however, companies might differentiate themselves from competition offering products at reduced value. This might be possible by making changes to your processes implemented in producing pill. Such modifications assisted to the products/processes might be patent best. Hence, when a company feels that they have made some modification that might be patent worthy, it is very to contemplate the involving having such improvements protected by a patent.