What Patent Strategies Can Be employed to Improve Competitiveness within the Business?

The concept of patents can be traced back towards the 14th century and it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by children. In essence, a patent is really 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, how do you get a patent using, selling, importing, offering for sale or distributing the patented invention without permission patent my idea of the patentee. This set of exclusive rights is granted for a smallish period of time, and in many the right is restricted to 20 ages.

The exclusive rights granted to a patentee have business impact, some that 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 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 can be used function the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is critical to use the power of patents to positively impact your sector.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent ways to product and process development

Build a patent fortress

One of the approaches for improving competitiveness of an organization is by having product differentiators. Product differentiators are delivered by developing products that are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes which is designed to the product, however, companies might differentiate themselves from competition through providing products at reduced values. This might be possible by making changes towards processes present in producing the product. Such modifications made to the products/processes might be patent best. Hence, when a company feels that they have made some modification that may be patent worthy, it is to contemplate the associated with having such improvements how do you patent an idea protected by a patent.