What Patent Strategies Can Be employed to Improve Competitiveness within the Business?

The concept of patents can be traced back on the 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 over the improvements in technology made by these businesses. In essence, a patent is often a set of exclusive rights granted with a country in exchange for a public disclosure of their invention. The rights granted to how to patent your idea a patentee, in most countries, include, the right 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 smallish period of time, and in most cases the right is limited to 20 ages.

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 rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing products and processes

The business impact of patents could be used enhance the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is required to make use of 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 how to patent an idea or product to product and process development

Build a patent fortress

One of your approaches for improving competitiveness of a service is with product differentiators. Product differentiators are caused by developing products which are technologically ideas for inventions superior, has newer/better features or addresses specific needs of consumers. Sometimes, there might not be any changes designed the product, however, companies might differentiate themselves from competition by providing products at reduced pricing. This might be possible by making changes into the processes present in producing the product. Such modifications meant to the products/processes might be patent worthy. Hence, when a company feels these people have made some modification that may patent worthy, it vital to contemplate the regarding having such improvements protected by a patent.