The concept of patents can be traced back to the 14th century additionally has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these guys. In essence, a patent is often a set of exclusive rights granted with 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 modest period of time, and in instances the right is restricted to 20 ages.
The exclusive rights granted to a patentee have business impact, some that 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 ways of monetizing
Engineers and scientists can access a rich pool of patent information and improvise on existing technology
Competitors will have to create non-infringing providers processes
The business impact of patents could be used functioning . the competitiveness of an online business.
A wholesome, systematic and customized approach towards patents is necessary to make use of 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 this approaches for improving competitiveness of an organization is getting product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or
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addresses specific needs of customers. Sometimes, there perhaps may not be any changes which is designed to the product, however, companies might differentiate themselves from competition by providing products at reduced prices. This might be possible by making changes to your processes employed in producing employs a powerful. Such modifications made to the products/processes might be patent best. Hence, when a company feels they will have made some modification that might be patent worthy, it is crucial to contemplate the regarding having such improvements protected by a patent.