The concept of patents can be traced back to your 14th century plus it doesn't has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these guys. In essence, a patent is really a set of exclusive rights granted any country 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 many 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 liberty to enjoy monopoly over the patented invention for 20 years
how to patent an idea or product
A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for 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 can be used develop the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is critical to make use of 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 ways to product and process development
Build a patent fortress
One of this approaches for improving competitiveness of a business or company is getting product differentiators. Product differentiators are brought about by developing products which are patent your idea technologically superior, has newer/better features or addresses patent idea specific needs clients. Sometimes, there usually will not be any changes forced to the product, however, companies might differentiate themselves from competition by providing products at reduced prices. This might be possible by making changes to your processes used in producing item or service. Such modifications developed to the products/processes might be patent best. Hence, when a company feels that they have made some modification that may patent worthy, it is important to contemplate the regarding having such improvements protected by a patent.