The concept of patents can be traced back to the 14th century but it has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made how to patent an invention by your kids. In essence, a patent is often a set of exclusive rights granted with a country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the particular 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 proscribed 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-counter 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 an excellent pool of patent information and improvise on existing technology
Competitors will have to create non-infringing services processes
The business impact of patents could be used function the competitiveness of a market. A wholesome, systematic and customized approach towards patents is required to use the power of patents inventions ideas to positively impact your venture.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect ideas for inventions others intellectual property
Intelligent procedure product and process development
Build a patent fortress
One of your approaches for improving competitiveness of a business is with product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there perhaps may not be any changes made to the product, however, companies might differentiate themselves from competition by products at reduced pricing. This might be possible by making changes towards processes used in producing pill. Such modifications meant to the products/processes might be patent deserving. Hence, when a company feels the player have made some modification that might be patent worthy, it is very to contemplate the regarding having such improvements protected by a patent.