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

The concept of patents can be traced back towards 14th century and it has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by your kids. 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, 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 months and months.

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

A patentee gets the liberty patent invention 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 accessory for other ways of monetizing

Engineers and scientists can access a refreshing pool of patent information and improvise on existing technology

Competitors can have to create non-infringing products and processes

The business impact of patents can be used enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial to use the power of patents to positively impact your venture.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent ways to product how to obtain a patent and process development

Build a patent fortress

One for this approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are generated by developing products which are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there usually will not be any changes which is designed to the product, however, companies might differentiate themselves from competition through providing products at reduced value. This might be possible by making changes into the processes implemented in producing item or service. Such modifications made to the products/processes might be patent desirable. Hence, when a company feels these people have made some modification that may be patent worthy, it is to contemplate the involving having such new invention ideas improvements protected by a patent.