A patent is a limited monopoly granted by the government to inventors in exchange for public disclosure of how to make and use their invention. However, trade secret is anything tangible or intangible or electronically kept or stored, which includes secret scientific, technical, merchandising, production or management information, design, process, procedure, formula, invention or improvement.
Patent only protect invention but trade secret protects anything which the owner do not want their competitors to have knowledge on it. The patent invention must be new, useful and not obvious to the expertise in the same or related industry but the trade secret must be kept secret from others.
The protection for patent will last mostly 20 years from the date of filing but trade secret protection is indefinitely, as long as others do not have knowledge of it. |