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


The concept of patents can be traced back towards the 14th century but it has consistently evolved over time. product patent The theory of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these businesses. In essence, a patent can be a set of exclusive rights granted with a country in exchange for a public disclosure of can i patent an idea their invention. The rights granted to a patentee, in most countries, include, the right to exclude others from making, using, selling, importing, getting a patent 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 most cases the right is fixed to 20 growth cycles.

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

A patentee gets the freedom 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 accessory for other ways of monetizing

Engineers and scientists can access a refreshing 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 to enhance the competitiveness of a business. A wholesome, systematic and customized approach towards patents is necessary to make use of the power of patents to positively impact your sector.

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 among the approaches for improving competitiveness of an organization is with product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there perhaps may not be any changes made to the product, however, companies might differentiate themselves from competition by products at reduced value. This might be possible by making changes into the processes use within producing your handmade jewelry. Such modifications assisted to the products/processes might be patent worthy. Hence, when a company feels that they have made some modification that may patent worthy, it is important to contemplate the involving having such improvements protected by a patent.