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

The concept of patents can be traced back towards 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 these guys. In essence, a patent is 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, ideal how to get a patent for an idea 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 many the right has limitations to 20 years.

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

A patentee 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
inventor ideas
Competitors will have to create non-infringing services processes

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

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent procedure product and process development

Build a patent fortress

One of this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are brought about by developing products will be technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there usually will not be any changes forced to the product, however, companies might differentiate themselves from competition offering products at reduced prices. This might be possible by making changes to the processes used in producing item or service. Such modifications made to the products/processes might be patent worthy. Hence, when a company feels that they have made some modification that might be patent worthy, it is very to contemplate the associated with having such improvements what to do with an invention idea protected by a patent.