What Patent Strategies Can Supply to Improve Competitiveness within the Business?

The concept of patents can be traced back towards the 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by these guys. In essence, a patent is really a set of exclusive rights granted with country in exchange for a public disclosure of their invention. The rights granted 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 small period of time, and in instances the right has limitations to 20 ages.

The exclusive rights granted to a patentee have business impact, some that are listed below:

A patentee gets the liberty 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 accessory for other ways of monetizing

Engineers and scientists can access an excellent 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 to idea patent enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is called for new invention idea to use the power of patents to positively impact your provider.

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 the approaches for patent invention improving competitiveness of a business or company is by having product differentiators. Product differentiators are brought about by developing products that are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes made to the product, however, companies might differentiate themselves from competition through providing products at reduced prices. This might be possible by making changes towards the processes used in producing the product. Such modifications made to the products/processes might be patent worthy. Hence, when a company feels the player have made some modification that might be patent worthy, it is important to contemplate the associated with having such improvements protected by a patent.