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

The concept of patents can be traced back to the 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by children. In essence, a patent is a 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, re-decorating . 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 small period of time, and in many the right is restricted to 20 ages.

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 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 wealthy pool of patent information and improvise on existing technology

Competitors may have to create non-infringing products and processes

The business impact of patents could be used function the competitiveness of a market. A wholesome, systematic and customized approach towards patents is required 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 of the approaches for improving competitiveness of an organization is getting product differentiators. Product differentiators are delivered by developing products are generally technologically superior, has newer/better features or addresses specific needs of consumers. patent my idea Sometimes, there perhaps may not be any changes designed the product, however, companies might differentiate themselves from competition through providing products at reduced pricing. This might be possible by making changes towards the processes implemented in producing the product. Such modifications assisted to the products/processes might be patent best. Hence, when a company feels that they have made some modification that might be patent worthy, it is very to contemplate the idea of having such improvements protected by a patent.