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


The concept of patents can be traced back on the 14th century and yes it even has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by your kids. In essence, a patent is often a set of exclusive rights granted with a 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 most cases the right is limited to 20 years.

The exclusive rights granted to a patentee patenting an idea have business impact, some of which are listed below:

A patentee gets the freedom to enjoy monopoly the particular 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 how to patent your idea rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing services processes

The business impact of patents can be used functioning . the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is called for to make use of the power of patents to positively impact your corporate.

4 fold approach for enhancing competitiveness

Build a patent patent idea fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent approach to product and process development

Build a patent fortress

One of the approaches for improving competitiveness of a business or company is by having product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there usually will not be any changes intended to the product, however, companies might differentiate themselves from competition by offering products at reduced pricing. This might be possible by making changes to your processes present 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 end up being patent worthy, it is very to contemplate the regarding having such improvements protected by a patent.