What Patent Strategies Can Be employed to Improve Competitiveness on a Business?

What Patent Strategies Can Be employed to Improve Competitiveness on a Business?

The concept of patents can be traced back on the 14th century and yes it even has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by your kids. In essence, a patent can be a set of exclusive rights granted with country in exchange for a public disclosure of their invention. The rights granted to a patentee, in getting a patent most countries, include, realize that 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 smallish period of time, and in most cases the right has limitations to 20 years.

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

A patentee gets the liberty 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 invention patent to other methods for monetizing

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

Competitors can have to create non-infringing providers processes

The business impact of patents can be used to enhance the competitiveness of a business. A wholesome, systematic and customized approach towards patents is called for 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 technique to product and process development

Build a patent fortress

One of your approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are resulted by developing products that happen to be technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there will most likely not be any changes forced to the product, however, companies might differentiate themselves from competition through providing products at reduced value. This might be possible by making changes towards processes implemented in how do you get a patent producing item or service. Such modifications meant to the products/processes might be patent important. Hence, when a company feels may have made some modification that might be patent worthy, it is to contemplate the idea of having such improvements protected by a patent.
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