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 over the improvements in technology made by children. In essence, a patent is often a set of exclusive rights granted through country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, re-decorating . 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 fixed period of time, and file a patent in most cases the right is fixed to 20 growth cycles.

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

A patentee gets the freedom 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 good pool of patent information and improvise on existing technology

Competitors will have to create non-infringing products and processes

The business impact of patents could be used function the competitiveness of new invention ideas a market. A wholesome, systematic and customized approach towards patents is crucial to make use of the power of patents to positively impact your venture.

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 for this approaches for improving competitiveness of a business is getting product differentiators. Product differentiators are delivered by developing products that are technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there will most likely not be any changes forced to the product, however, companies might differentiate themselves from competition offering products at reduced pricing. This might be possible by making changes to the processes use how to patent an idea within producing pill. Such modifications meant to the products/processes might be patent worthy. Hence, when a company feels that they have made some modification that may be patent worthy, it is important to contemplate the associated with having such improvements protected by a patent.