What Patent Strategies Can Be taken to Improve Competitiveness within a Business?

The concept of patents can be traced back towards 14th century and yes it even 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 them. In essence, a patent is a set of exclusive rights granted through 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 most cases the right is fixed to 20 growth cycles.

The exclusive rights granted to a patentee have business impact, some that are listed below:

A patentee gets the freedom to enjoy monopoly in the patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other methods for monetizing

Engineers and scientists can access a good pool of patent information and improvise on existing technology
file a patent
Competitors could have to create non-infringing providers processes

The business impact of patents can be used function the competitiveness of a market. A wholesome, systematic and customized approach towards patents is necessary 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 inventors help property

Intelligent technique to product and process development

Build a patent fortress

One of your approaches invention patent for improving competitiveness of a service is by having product differentiators. Product differentiators are generated by developing products are generally technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes made to the product, however, companies might differentiate themselves from competition offering products at reduced values. This might be possible by making changes to your processes used in producing item or service. Such modifications assisted to the products/processes might be patent deserving. Hence, when a company feels may have made some modification that might be patent worthy, it is crucial to contemplate the involving having such improvements protected by a patent.