The concept of patents can be traced back towards the 14th century and it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements how do you get a patent in technology made by children. In essence, a patent is a set of exclusive rights granted with country in exchange for ideas inventions 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 fixed period of time, and in instances the right is invention companies fixed to 20 years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the freedom 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 addition to other ways of monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors can have to create non-infringing providers processes
The business impact of patents can be used function the competitiveness of a market. A wholesome, systematic and customized approach towards patents is required to use 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 among the approaches for improving competitiveness of an organization is getting product differentiators. Product differentiators are brought about by developing products which are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes made to the product, however, companies might differentiate themselves from competition by products at reduced values. This might be possible by making changes towards the processes implemented in producing the product. Such modifications assisted to the products/processes might be patent best. Hence, when a company feels that they have made some modification that may patent worthy, it vital to contemplate the idea of having such improvements protected by a patent.