The concept of patents can be traced back to the 14th century and it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by them. In essence, a patent can be 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, ideal 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 small period of time, and in many the right is proscribed to 20 years.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty to enjoy monopoly the actual years 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 rich 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 market. A wholesome, systematic and customized approach towards patents is crucial to use 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 means to product and process development
Build a patent fortress
One for this approaches for improving competitiveness of a service is with product differentiators. Product differentiators are generated by developing products are generally technologically superior, has newer/better features or addresses specific how do i patent an idea needs of what to do with an invention idea consumers. Sometimes, there will most likely not be any changes forced to the product, however, companies how to get a patent for an idea might differentiate themselves from competition offering products at reduced pricing. This might be possible by making changes into the processes employed in producing pill. Such modifications meant to the products/processes might be patent important. Hence, when a company feels these people have made some modification that may patent worthy, it is crucial to contemplate the idea of having such improvements protected by a patent.