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

The concept of patents can be traced back towards 14th century but it has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights the actual 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 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 limited 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 that are listed below:

A patentee gets the freedom to enjoy monopoly the particular 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 wealthy pool of patent information and improvise on existing technology

Competitors may have to create non-infringing providers processes

The business impact of patents can be used enhance the competitiveness of a market. A wholesome, systematic and customized approach towards patents is required to use the power of patents to positively impact how to submit a patent your venture.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent ways to product and process development

Build a patent fortress

One among the approaches for improving competitiveness of an organization is by having product differentiators. Product differentiators are generated by developing products are generally technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there usually new invention idea will not be any changes forced to the product, however, companies might differentiate themselves from competition by offering products at reduced values. This might be possible by making changes towards processes present in producing your handmade jewelry. Such modifications intended to the products/processes might be patent worthy. Hence, when a company feels that they have how to pitch an invention idea to a company made some modification that may patent worthy, it vital to contemplate the regarding having such improvements protected by a patent.