The concept of patents can be traced back towards the 14th century additionally has consistently evolved over time. The thought of patents was introduced to encourage innovators by ideas for inventions
awarding exclusive rights the particular improvements in technology made by them. In essence, a patent is a set of exclusive rights granted through 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 a smallish period of time, and in many the right is restricted to 20 years.
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 can i patent an idea
or licensing out his rights, in accessory for other methods for monetizing
Engineers and scientists can access an excellent 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 to enhance the competitiveness of a business. A wholesome, systematic and customized approach towards patents is required to make use of the power of patents to positively impact your business.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent procedure product and process development
Build a patent fortress
One of this approaches for improving competitiveness of a business 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 of customers. Sometimes, there may possibly be any changes forced to the product, however, companies might differentiate themselves from competition by providing products at reduced pricing. This might be how to get a patent on an idea
possible by making changes to the processes present in producing item or service. Such modifications assisted to the products/processes might be patent deserving. Hence, when a company feels that they have made some modification that may patent worthy, it is crucial to contemplate the associated with having such improvements protected by a patent.