What Patent Strategies Can Be employed to Improve Competitiveness of a Business?

The concept of patents can be traced back to the 14th century and it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these businesses. In essence, a patent is often 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, 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 modest period of time, and in instances the right is limited to 20 lots of years.

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

A patentee gets the liberty to enjoy monopoly in the patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other methods for monetizing

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

Competitors may have to create non-infringing providers processes

The business impact of patents could be used develop the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is critical 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 means to product and process development

Build a patent fortress

One of this approaches for improving competitiveness of an agency is with product differentiators. Product differentiators are brought about by developing products that happen to be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there perhaps may not be any patent a product changes made to the product, however, companies might how to patent an invention differentiate themselves from competition by products at reduced pricing. This might be possible by making changes to the processes used in producing employs a powerful. Such modifications made to the products/processes might be patent worthy. can i patent an idea Hence, when a company feels they will have made some modification that end up being patent worthy, it is important to contemplate the involving having such improvements protected by a patent.