The concept of patents can be traced back towards 14th century plus it how to patent an idea doesn't has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by children. In essence, a patent is really a set ideas inventions 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, 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 a fixed period of time, and in instances the right is restricted to 20 years.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the freedom to enjoy monopoly the particular patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other methods for monetizing
Engineers and scientists can access a rich pool of patent information and improvise on existing technology
Competitors could have to create non-infringing products and 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 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 property
Intelligent ways to product and process development
Build a patent fortress
One how to patent a product of this approaches for improving competitiveness of a service is getting product differentiators. Product differentiators are generated by developing products that are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes intended to the product, however, companies might differentiate themselves from competition offering products at reduced value. This might be possible by making changes to your processes use within producing employs a powerful. Such modifications assisted to the products/processes might be patent worthy. Hence, when a company feels these people have made some modification that end up being patent worthy, it is crucial to contemplate the involving having such improvements protected by a patent.