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What Patent Strategies Can Use to Improve Competitiveness of a Business?

May 27, 2017
The concept of patents can be traced back to the 14th century plus it doesn't has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these guys. In essence, a patent is a set of exclusive rights ideas for inventions granted by 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 new invention ideas sale or distributing the patented how to patent an invention 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 restricted to 20 ages.

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

A patentee gets the freedom to enjoy monopoly the actual years 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 an excellent pool of patent information and improvise on existing technology

Competitors can have to create non-infringing services processes

The business impact of patents could be used develop the competitiveness of a business. 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 means to product and process development

Build a patent fortress

One of the approaches for improving competitiveness of a business or company is by having product differentiators. Product differentiators are resulted by developing products are generally technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely not be any changes made to the product, however, companies might differentiate themselves from competition by products at reduced pricing. This might be possible by making changes to the processes implemented in producing employs a powerful. Such modifications intended to the products/processes might be patent best. Hence, when a company feels these people have made some modification that might be patent worthy, it vital to contemplate the involving having such improvements protected by a patent.

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