Question

What is a business method patent? Provide examples of business method patents and explain how having such a patent can provide a firm a competitive advantage in the marketplace .What are some examples of intangible assets? How can an intangible asset create value for an organization? Explain in detail.

Answer 1

Business method patent is a type of patent that maybe granted to a firm to protect their unique business process that might get stolen by other firms to run their businesses.Processes often involves combining software automation with more business methodology. Hence, patenting the entire process will help business to have competitive edge.

The most common example of business method patent is Amazon's one-click shopping business method, which allows consumers to purchase an item just by clicking on it. A patent once received, the owner firm can grant licenses to others to use their processes, technologies et and may charge a fee for their usage. Patenting an Intelectual Property is considered to be the most valuable patent a firm can have in a long run.

Intangible assets are brand recognition, copyrights,patents, trademarks, invention etc.

Intangible assets customer's loyalty, brand awareness can create calue for an organisation by positioning it in the marketing place as a strong shareholder. It will help the organisation to place their products and numbers.