What Patent Strategies Can Be taken to Improve Competitiveness of a Business?

The concept of patents can be traced back towards the 14th century plus it doesn't has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by them. In essence, a patent is 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, ideal to exclude others from making, using, selling, importing, offering for sale or distributing can you patent an idea the patented invention without permission of the patentee. This set of exclusive rights is granted for modest period of time, and in most cases the right is proscribed to 20 ages.

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

A patentee new invention idea gets the freedom 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 addition to other methods for monetizing

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

Competitors will have to create non-infringing products and processes

The business impact of patents can be used enhance the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is called for to make use of the power of patents to positively impact your venture.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual patent an idea property

Intelligent technique to product and process development

Build a patent fortress

One of this approaches for improving competitiveness of a service is getting product differentiators. Product differentiators are delivered by developing products that are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely 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 into the processes used in producing the product. Such modifications developed to the products/processes might be patent desirable. Hence, when a company feels that they have made some modification that end up being patent worthy, it is important to contemplate the involving having such improvements protected by a patent.