What Patent Strategies Can Be employed to Improve Competitiveness of a Business?

The concept of patents can be traced back on the 14th century additionally has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these businesses. In essence, a patent is really a set of exclusive rights granted through country in exchange for a public ideas for inventions 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 limited period of time, and in instances the right is limited to 20 ages.

The exclusive rights granted to a patentee have business impact, some that 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 a rich pool of patent information and improvise on existing technology

Competitors will have to create non-infringing products and processes

The business impact of patents could be used function the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is crucial 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 technique to product and process development

Build a patent fortress

One for this 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 customers. Sometimes, there may possibly be any changes made to the product, however, companies might differentiate themselves from competition offering products at reduced pricing. This might be possible by making changes towards processes used in producing item or service. Such modifications developed to the products/processes might be patent desirable. Hence, when a company feels these people have made some modification that may patent worthy, it is crucial to contemplate the associated with having such improvements protected by a patent.