The concept of patents can be traced back on the 14th century plus it doesn't has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by invention patent them. In essence, a patent is really a set of exclusive rights granted with a country in exchange for a public disclosure of their invention. The rights granted to a how to patent an invention 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 is limited to 20 lots of years.

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

A patentee gets the freedom to enjoy monopoly the particular 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 wealthy 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. A wholesome, systematic and customized approach towards patents is required to make use of 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 approach to product and process development

Build a patent fortress

One of your approaches for improving competitiveness of a business or company is by having product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there will most likely not be any changes which is designed to the product, however, companies might differentiate themselves from competition by products at reduced value. This might be possible by making changes to your processes employed in producing item or service. Such modifications made to the products/processes might be patent worthy. Hence, when a company feels that they have made some modification that may how to patent a product idea patent worthy, it is crucial to contemplate the idea of having such improvements protected by a patent.