The concept of patents can be traced back to the 14th century plus it doesn't 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 them. In essence, a patent is really 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, invention patent 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 modest period of time, and in instances the right is restricted to 20 growth cycles.
The how to patent a product idea exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty to enjoy monopoly in 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
Competitors can have to create non-infringing providers processes
The business impact of patents could be used function the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is necessary to use the power of patents to positively impact your business.
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 of the approaches for improving competitiveness of an organization is by having product differentiators. Product differentiators are resulted by developing products are generally technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there usually will not be any changes designed the product, however, companies might differentiate themselves from competition by providing products invention idea at reduced deals. This might be possible by making changes towards processes use within producing item or service. Such modifications meant to the products/processes might be patent desirable. Hence, when a company feels that they have made some modification that may be patent worthy, it is crucial to contemplate the regarding having such improvements protected by a patent.