The concept of patents can be traced back to your 14th century but it has consistently evolved over time. Carrying out of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by these businesses. In essence, a patent is often a set of exclusive rights granted by a country in exchange for a public disclosure of their idea patent invention. The rights granted to a 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 small 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 in the patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other methods for monetizing
Engineers and scientists can access a wealthy pool of patent information and improvise on existing technology
Competitors can have to create non-infringing products and processes
The business impact of patents can be used to enhance the competitiveness of 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 for this approaches for improving competitiveness of a business or invention help company is getting product differentiators. Product differentiators are caused by developing products which are technologically superior, has newer/better features or addresses specific needs buyers. Sometimes, there might not be any changes forced to the product, however, companies might differentiate themselves from competition offering products at reduced values. This might be possible by making changes to your processes implemented in producing your handmade jewelry. Such modifications made to the products/processes might be patent worthy. Hence, when a company feels the player have inventions ideas made some modification that might be patent worthy, it is crucial to contemplate the associated with having such improvements protected by a patent.