The concept of patents can be traced back to the 14th century but it has consistently evolved over time. The
new invention ideas theory of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these businesses. In essence, a patent is really a set of exclusive rights granted by a 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 small period of time, and in many the right has limitations to
invention help 20 growth cycles.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty 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 addition to other ways of monetizing
Engineers and scientists can access a good 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 an online business. A wholesome, systematic and customized approach towards patents is called for to use 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 procedure product and process
new product idea development
Build a patent fortress
One among the approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are resulted 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 by offering products at reduced pricing. This might be possible by making changes to the processes employed in producing item or service. Such modifications made to the products/processes might be patent important. Hence, when a company feels that they have made some modification that end up being patent worthy, it vital to contemplate the associated with having such improvements protected by a patent.