What Patent Strategies Can Be taken to Improve Competitiveness connected with Business?

The concept of patents can be traced back to your how do you patent an idea 14th century and it has consistently evolved over time. The concept 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 invention ideas of exclusive rights granted through 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 fixed period of time, and in many the right has limitations to 20 months and months.

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-counter patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other patent idea ways of monetizing

Engineers and scientists can access a good pool of patent information and improvise on existing technology

Competitors could have to create non-infringing products and processes

The business impact of patents could be used to enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact your business.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent approach to product and process development

Build a patent fortress

One for this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are generated by developing products that are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there perhaps may not be any changes which is designed to the product, however, companies might differentiate themselves from competition offering products at reduced values. This might be possible by making changes towards the processes implemented in producing the product. Such modifications made to the products/processes might be patent desirable. Hence, when a company feels they will have made some modification that end up being patent worthy, it vital to contemplate the idea of having such improvements protected by a patent.