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Managing innovation for your business

Innovation is translating an invention into a marketable product or process
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In today\\\'s economy, managing innovation within a company requires a good knowledge of the patent system in order to ensure that the company draws maximum benefit from its own innovative and creative efforts says the Intellectual Property Office of the Philippines. Innovation establishes profitable partnerships with other patent holders and avoids making unathorized use of technology owned by others.

 

Many innovations nowadays are complex and are based on a number of patented inventions, which may be owned by different patent holders.

 

So what is the difference between innovation and invention? Invention refers to a technical solution to a technical problem. It may be an innovative idea or may be in the form of a working model or prototype.  On the other hand, innovation, refers to the translation of the invention into a marketable product or process.

 

Businesses innovate to:

 

1. Improve manufacturing processes in order to save costs and improve productivity

2. Introduce new products that meet customer needs

3. Remain ahead of the competition or expand market share

4. Ensure that technology is developed to meet actual and emerging needs of the business and its clients

5. Prevent technological dependance on other companies technology

 

If your company has an invention that is crucial to its operation, you should consider patenting it. A patent is an exclusive right granted by the state for an invention that is new, involves an inventive step and is capable of industrial application. A company needs a patent to retain exclusivity over a new product or process.

 

For more information on registering your patent in the Philippines, check out the Intellectual Property Center web site at www.ipophil.gov.ph

 

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