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

The concept of patents idea invention ideas patent can be traced back to your 14th century and it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights over the 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, 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 modest period of time, and in many the right is proscribed to 20 months and months.

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 associated with monetizing

Engineers and scientists can access a rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing services processes

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

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 among the approaches for improving competitiveness of a service is by having product differentiators. Product differentiators are resulted by developing products will be technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there perhaps may not be any changes designed the product, however, companies might differentiate themselves from competition by products at reduced deals. This might be possible by making changes towards processes use within producing item or service. Such modifications meant to the products/processes might be patent important. Hence, when a company feels that they have made some modification that might be patent worthy, it is to contemplate the associated with having such improvements protected by a patent.

Don't be the product, buy the product!

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