The concept of patents can be traced back to the 14th century and yes it even has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by these guys. In essence, a patent is a invention idea 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, ideal 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 is fixed to 20 years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A idea patent patentee gets the liberty to enjoy monopoly the actual years patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other associated with monetizing
Engineers and scientists can access a refreshing pool of patent information and improvise new invention ideas on existing technology
Competitors will have to create non-infringing providers 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 critical to use the power of patents to positively impact your sector.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent means to product and process development
Build a patent fortress
One of the approaches for improving competitiveness of a service is by having product differentiators. Product differentiators are caused by developing products that are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there may possibly be any changes made 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 used in producing the product. Such modifications assisted to the products/processes might be patent deserving. Hence, when a company feels may have made some modification that may patent worthy, it is to contemplate the idea of having such improvements protected by a patent.