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

The concept of patents can be traced back on the 14th century but it has consistently evolved over time. The concept 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 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 modest period of time, and in instances the right is proscribed to 20 lots of years.

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 methods for monetizing

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

Competitors could have to create non-infringing products and processes

The business impact of patents can be used develop the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is critical to make use of 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 means to product how to patent an invention 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 will 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 by providing products at reduced values. This might be possible by making changes towards the processes used in producing your handmade jewelry. Such modifications assisted to the products/processes might be patent deserving. Hence, when a company feels they will have made some modification that might be patent worthy, it is very to contemplate the idea of having such improvements protected by a patent.