What Patent Strategies Can Supply to Improve Competitiveness of a Business?


The concept of patents can be traced back to your 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by them. In essence, a patent is ideas for inventions often 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, ideal 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 has limitations to 20 ages.

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 patented invention for 20 years

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

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

Competitors can have to create non-infringing products and new invention ideas 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 critical 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 procedure product and process development

Build a patent fortress

One of the approaches for improving competitiveness of a business is with product differentiators. Product differentiators are resulted by developing products that are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes intended to how to pitch an invention to a company the product, however, companies might differentiate themselves from competition through providing products at reduced pricing. This might be possible by making changes towards the processes employed in producing item or service. Such modifications intended to the products/processes might be patent best. Hence, when a company feels that they have made some modification that may patent worthy, it is to contemplate the involving having such improvements protected by a patent.