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

The concept of patents can be traced back to patent an invention the 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by your kids. In essence, a patent is how to get an idea patented often 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, 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 most cases idea patent the right is fixed to 20 ages.

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

A patentee gets the liberty to enjoy monopoly over the 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 good pool of patent information and improvise on existing technology

Competitors could have to create non-infringing providers processes

The business impact of patents can be used develop the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial to use the power of patents to positively impact your provider.

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 of the approaches for improving competitiveness of an agency is with product differentiators. Product differentiators are brought about by developing products that are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there usually will not be any changes forced to the product, however, companies might differentiate themselves from competition offering products at reduced pricing. This might be possible by making changes towards processes use within producing item or service. Such modifications made to the products/processes might be patent important. Hence, when a company feels may have made some modification that may be patent worthy, it is important to contemplate the regarding having such improvements protected by a patent.