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

Apr 19, 2017

The concept of patents can be traced back on the 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by these businesses. 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 limited period of time, and in most cases the right has limitations to 20 ages.

The exclusive rights granted to a patentee have business impact, some patent my idea 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 good 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 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 sector.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent technique to product and process development

Build a patent fortress

One of your approaches for improving competitiveness of an agency is by having product differentiators. Product differentiators are generated by developing products which are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there might patent your idea not be any changes designed the product, however, companies might differentiate themselves from competition offering products at reduced deals. This might be possible by making changes how to file a patent towards processes present in producing the product. Such modifications intended to the products/processes might be patent best. Hence, when a company feels that they have made some modification that might be patent worthy, it is very to contemplate the associated with having such improvements protected by a patent.