The concept of patents can be traced back on the 14th century and it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these guys. 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, the can you patent an idea right to exclude others how to get an idea patented from making, using, selling, importing, offering for sale or how to start an invention idea distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for a limited period of time, and in most cases the right has limitations 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 accessory for other associated with monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors could have to create non-infringing services processes
The business impact of patents can be used develop the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact your provider.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent approach to product and process development
Build a patent fortress
One of your approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are caused by developing products which are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there perhaps may not be any changes intended to the product, however, companies might differentiate themselves from competition by products at reduced value. This might be possible by making changes into the processes used in producing pill. Such modifications assisted to the products/processes might be patent important. Hence, when a company feels the player have made some modification that may patent worthy, it is crucial to contemplate the involving having such improvements protected by a patent.