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

The concept of patents can be traced back on the 14th century and it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by these guys. In essence, a patent is really 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, realize that clean to exclude others how do you patent an idea 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 fixed period of time, and in instances the right is fixed to 20 months and months.

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 ways of monetizing

Engineers and scientists can access an excellent pool of patent information and patenting an idea improvise on existing technology

Competitors may have to create non-infringing services processes

The business impact of patents can be used to enhance the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is crucial 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
how to patent an invention
Intelligent approach to product and process development

Build a patent fortress

One for this approaches for improving competitiveness of a business or company is getting product differentiators. Product differentiators are caused by developing products that are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there perhaps may not be any changes forced to the product, however, companies might differentiate themselves from competition by products at reduced values. This might be possible by making changes to your processes used in producing the product. Such modifications assisted to the products/processes might be patent worthy. Hence, when a company feels may have made some modification that may be patent worthy, it is very to contemplate the idea of having such improvements protected by a patent.