The concept of patents can be traced back towards the 14th century and yes it even has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by these guys. 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, 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 many the right is limited to 20 growth cycles.

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

A patentee gets the freedom 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 associated with monetizing

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

Competitors could have to create non-infringing services processes

The business impact of patents could be can you patent an idea used functioning . the competitiveness of a market. A wholesome, systematic and customized approach towards patents is necessary to use the power of patents to positively idea patent impact your corporate.

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 a business is with product differentiators. Product differentiators are brought about by developing products will be product patent 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 offering products at reduced prices. This might be possible by making changes into the processes employed in producing the product. Such modifications meant to the products/processes might be patent important. Hence, when a company feels these people have made some modification that may be patent worthy, it vital to contemplate the associated with having such improvements protected by a patent.