The concept of patents can be traced back towards 14th century and it has consistently how to patent ideas evolved how do i patent an idea over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by your kids. In essence, a patent is really a set of exclusive rights granted with country patent my idea 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 limited period of time, and in instances the right is limited to 20 lots of years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty 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 methods for monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors may have to create non-infringing products and processes
The business impact of patents can be used develop the competitiveness of a market. 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 technique to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of a service is with product differentiators. Product differentiators are resulted by developing products that happen to be technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there usually will not be any changes made to the product, however, companies might differentiate themselves from competition by offering products at reduced value. This might be possible by making changes towards processes use within producing pill. Such modifications intended to the products/processes might be patent worthy. Hence, when a company feels they will have made some modification that end up being patent worthy, it vital to contemplate the associated with having such improvements protected by a patent.