What Patent Strategies Can Use to Improve Competitiveness of a Business?

The concept of patents can be traced back towards the 14th century plus it doesn't has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by children. In essence, a patent can be 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 particular 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 limited period of time, and in instances the right is limited to 20 growth cycles.

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 associated with monetizing

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

Competitors may have to create non-infringing services processes

The business impact of patents could be used function product patent the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is necessary to make use of the power of patents patent an invention to positively impact your sector.

4 fold approach for how to patent an invention 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 of this approaches for improving competitiveness of a service is by having product differentiators. Product differentiators are resulted by developing products which are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes designed the product, however, companies might differentiate themselves from competition through providing products at reduced value. This might be possible by making changes into the processes implemented in producing the product. Such modifications intended to the products/processes might be patent desirable. Hence, when a company feels may have made some modification that might be patent worthy, it is to contemplate the idea of having such improvements protected by a patent.