What is the difference between trade secrets and patents?

Trade secrets and patents are two forms of intellectual property that businesses can use to protect their innovations. The primary difference between the two is that a trade secret is kept confidential, while a patent is registered with the government. Trade secrets are typically used to protect information or processes that provide a competitive advantage, such as a secret recipe or manufacturing process. In contrast, a patent protects an invention and gives the inventor the exclusive right to produce and sell that invention for a limited period of time. While both trade secrets and patents can provide important protection for companies, the decision of which to use will depend on the specific circumstances and goals of the business in question.

This mind map was published on 19 April 2023 and has been viewed 102 times.