The concept of patents can be traced back on the 14th century and it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by children. In essence, a patent can be 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, realize that
new inventions clean 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 limited to 20 months and months.
The exclusive rights granted to a patentee have business impact, some that 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 addition to other ways of monetizing
Engineers and scientists can access a good pool of patent information and improvise on existing technology
Competitors will have to create non-infringing products and processes
The business impact of patents could be used functioning . the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is called for to use the power of patents to positively impact your corporate.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent approach to product and process development
Build a patent fortress
One for this approaches for improving competitiveness of a business is by having product differentiators. Product differentiators are generated by developing products which are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there will most likely not be any changes forced to
ideas inventions the product, however, companies might differentiate themselves from competition by offering products at reduced deals. This might be possible by making changes into the processes present in producing your handmade jewelry. Such modifications made to the products/processes might be patent best. Hence, when a company feels that they have made some modification that end up being patent worthy, it is crucial to contemplate the associated with
how to pitch an idea to a company having such improvements protected by a patent.