What is a Patent?

Before you get an answer to that question, take a moment to ask yourself - what are the advantages of having a real estate property to your name?

  • You can rent it
  • You can use it for your own business venture
  • You can prevent others from using your property without your permission
  • If things are not working, you can simply sell it

 On similar terms, patent is an intellectual property that has all the advantages stated above and one needs to claim it on his/her name.

 A patent is the granting of property right to an inventor, by a sovereign authority.

 This grant provides the inventor exclusive rights to the design, or invention for a designated period (usually 20 years), in exchange for a comprehensive disclosure of the invention. Patent process is generally invoked when the product/process Iprovides a new way of doing something, or offers a new technical solution to an existing problem.

Filling for a patent comes with many advantages. Understanding the pros can enable an inventor to make an informed decision.

Advantages of Patents

  • When an inventor or startup is seeking capital for an idea, they may disclose their invention to potential investors and licensees. It is important to patent an idea to prevent someone else from stealing it, by filing a patent application first.
  • Invoking a patent gives the inventor a legal monopoly on selling, using, distributing, importing, or exporting their creation for a specified time period. This keeps others out of the market for the invention, which can be extremely profitable and beneficial.
  • An inventor may seek a patent to prevent another competitor from improving a product, if the inventor has an idea that infringes on the competitor’s patent.
  • A patent holder can typically charge a premium for an invention because of the restricted competition.
  • Patenting an idea can also help to restrict the competition. A properly filed patent can limit the competition's ability to produce the product and even allow the inventor to demand that they cease production if they are producing the item as well and have never patented it.
  • Patents are extremely valuable for small businesses as they may be able to find investors willing to invest merely for rights to a patent.
  • A patent can provide increased credibility to an inventor and their company.
  • A patent holder can exclude the competition from recreating their product or service.
  • An inventor can profit from selling licenses or selling the patent outright. Though royalties can be a better option for many inventors who may be unable to foot the expense of bringing the idea to market.

 

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What is Industrial Design (ID)?

Every product you have in your home and interact with is the outcome of a design procedure. All those products have come into being after long hours of planning, sketching, rendering, 3D modeling. Not to mention the numerous prototypes and testing it has gone through to finally hit the shelves. The ideation and the procedure to develop a certain product is collectively called Industrial Design process or simply ‘Industrial Design’ (ID).

Industrial Design is the professional practice of conceptualizing and designing products, which are to be manufactured through techniques of mass production, eventually to be used by millions of people around the world every day.

An industrial product design process incorporates inputs from diverse domains such as ergonomics, form studies, studio skills, advanced cad, research methods, design management, materials & manufacturing processes and social sciences.

An industrial designer’s purpose is to emphasize on — appearance of a product, the functioning, how the product is manufactured and the value & experience it provides for users. Their sole intent is aimed at improving your life through design.

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What is New Product Development?

Often businesses confront consumer preferences, increasing competition and advances in technology; credits to a rapidly changing market scenario. Your business may need to capitalize on an opportunity with the sole intent of getting a monopoly on your respective sector.

A common practice of companies is to engage in a process of understanding what their market wants, making smart product improvements, and developing new products that meet and exceed their customer's expectations. This entire procedure can be termed as ‘New product development’ (NPD).

New product development is the process which involves forming strategy, organizing requirements, generating concepts, creating product & marketing plan, evaluating and subsequent commercialization, thereby bringing a new product to the marketplace.

'New products' can be:

  • Products that has never been manufactured or sold before but have been introduced to ther market by others
  • Product innovations created and brought to the market for the first time. They may be completely original products, or existing products that have been modified and improved

NPD is not limited to existing businesses, but rather, new businesses, sole traders or even freelancers can forge a place in the market by researching, developing, and introducing new products. Similarly, one doesn't need to be an innovator to master NPD. One can also consider purchasing new products through licensing or copyright acquisition.

This article explains the importance of NPD and Industrial Design which is a subset of NPD and describes the steps involved. 

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