Patent or Trade Secret?
Patent Pending
In today’s global economy (to use an overused phrase) should a sole inventor or innovative company seek a patent on an invention or keep it a trade secret?
Factors to consider:
- Will the invention be made public?
- How easy will it be for competitors to “reverse engineer” the invention once it is made public?
- Is the company’s target market limited to its home country or does the company seek a worldwide footprint? is a license invited?
- Will the product or process disrupt the market for years to come or is the invention’s “lifespan” just a couple of years?
Patent Applied For – Still Hope for the Future
Depending on how an inventor answers these and other questions with the help of a patent attorney, the inventor may find that pursuing a patent is a prudent business decision. Yet, patents have taken a public relations beating in recent years, and to top it off, the last administration wasn’t exactly patent friendly. But businesses are re-awakening to the power of patents, which strengthen competitive positions, bottom-lines, and professional images. How does your business see its inventions? Patent ’em or hide ’em away?
“Loose Lips Sink Ships!”
