The concept of patents can be traced back to your 14th century additionally has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements inventions ideas
in technology made by them. In essence, a patent is a set of exclusive rights granted any country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, idea patent
include, realize that clean 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 most cases the right is fixed to 20 ages.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty to enjoy monopoly the particular patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other associated with monetizing
Engineers and scientists can access a refreshing pool of patent information and improvise on existing technology
Competitors may have to create non-infringing products and processes
The business impact of patents could be used enhance the competitiveness of a business. A wholesome, systematic and customized approach towards patents is called for 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 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 which are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely not be any changes intended to the product, however, companies might differentiate themselves from competition offering products at reduced deals. This might be possible by making changes to your processes employed in producing pill. Such modifications developed to the products/processes might be patent desirable. Hence, when a company feels the player have made some can you patent an idea
modification that may be patent worthy, it is to contemplate the regarding having such improvements protected by a patent.