The concept of patents can be traced back towards the 14th century and yes it even has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights over-the-counter improvements in technology made by these guys. In essence, a patent is a set of exclusive rights granted any country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, realize that clean 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 fixed period of time, and in instances the right is limited to 20 years.

The exclusive rights granted to a patentee have business impact, some of which 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 addition to other ways of monetizing

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

Competitors will have to create non-infringing products and processes

The business impact of patents could be used function the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is necessary to use the power of patents to positively impact your provider.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent approach to product and process development

Build a patent fortress

One of the approaches market an invention idea for improving new invention ideas competitiveness of a business is by having product differentiators. Product differentiators are delivered by developing products are generally technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there will most likely not be any changes which is designed to the product, however, companies might differentiate themselves from competition offering products at reduced prices. This might be possible by making changes to the processes used in producing pill. Such modifications intended 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 is very to contemplate the associated with having such improvements protected by a patent.

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