Final answer:
David Petite grew his business by innovating in wireless communication technology, securing strategic patents, and establishing lucrative licensing agreements with large companies. He also defended his patents in legal settings, maintaining a competitive edge and enhancing the value of his intellectual property.
Step-by-step explanation:
To understand how David Petite grew his business over time, one should first recognize that Petite is an inventor and entrepreneur, notably known for his contributions to wireless communication technology. Petite's approach to business growth involved innovation, strategic patenting, and licensing agreements. Through the development of foundational technology in wireless communications, Petite went on to form the company SIPCO, LLC, which holds numerous essential patents in wireless mesh network technology.
Petite's business strategy was to establish licensing agreements with major companies that would benefit from the technology, thus securing ongoing revenue streams. By focusing on these aspects of business development, Petite could capitalize on his innovative work by granting usage rights of his patented technologies to industry heavyweights.
Moreover, Petite has been involved in various legal battles to protect his intellectual property, which indirectly helped in promoting his business's growth. By defending his patents, he maintained a strong competitive edge and increased the value of his company's offerings in the market.