The concept of patents can be traced back on the 14th century and it has consistently evolved over time. This is really of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these businesses. In essence, a patent is a set of exclusive rights granted through country in exchange for how to pitch an idea to a company a public disclosure of their invention. The how to patent your idea rights granted to a patentee, in most countries, include, ideal 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 instances the right is restricted to 20 growth cycles.
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-counter 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 a rich pool of patent information and improvise on existing technology
Competitors can have to create non-infringing providers processes
The business impact of patents can be used enhance the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is necessary 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 technique to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of an agency is getting product differentiators. Product differentiators are brought about by developing products will be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there might not be any changes forced to the product, however, companies might differentiate themselves from competition by products at reduced prices. This might be possible by making changes to the processes implemented in producing your handmade jewelry. Such modifications meant to the products/processes might be patent best. Hence, when a company feels may have made some modification that may be patent worthy, it vital to contemplate the associated with having such improvements patent invention protected by a patent.