The concept of patents can be traced back towards the 14th century and it has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by your kids. In essence, a patent can be 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, 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 small period of time, and in many the right is limited to 20 ages.

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

A patentee gets the liberty to enjoy monopoly over the 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 rich pool of patent information and improvise on existing technology

Competitors may have to create non-infringing providers processes

The business impact of patents could be used to enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is called for 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 this approaches for improving competitiveness of a business is with product product patent differentiators. Product differentiators are resulted by developing products that happen to be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there may possibly be any changes product patent which is designed to the product, however, companies might differentiate themselves from competition by offering products at reduced value. This might be possible by making changes to the processes implemented in producing item or service. Such modifications meant to the products/processes might be patent best. Hence, when a company feels they will have made some modification that end up being patent worthy, it vital to contemplate the regarding having such improvements protected ideas for inventions by a patent.