The concept of patents can be traced back towards 14th century plus it doesn't 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 these guys. In essence, a patent is 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, how to submit a patent 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 is proscribed to 20 years.
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 for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other methods for monetizing
Engineers and scientists can access a wealthy pool of patent information and improvise on existing technology
Competitors can have to how to patent ideas create non-infringing providers processes
The business impact of patents could be used develop the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial to make use of the power of patents to positively impact your venture.
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 for this approaches for improving competitiveness of a business is getting product differentiators. Product differentiators are caused by developing products will be 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 by providing products at reduced pricing. This might be possible by making changes to the processes employed in producing the product. Such modifications meant to the products/processes might be patent best. Hence, when a company feels they will have made some modification that might be patent worthy, it is important new invention idea to contemplate the involving having such improvements protected by a patent.