Intellectual property is all about the brilliant ideas and creations that come straight from our minds! Your invention is just as valuable as any physical asset. That’s why it’s important to take steps to protect it, and one of the best ways to do that is through a patent.
A patent gives the inventor exclusive rights to stop others from using, selling, or importing their invention for a fixed period of time.

An alternative way is to keep the invention confidential, as a so-called trade secret.

Now, deciding whether to file for a patent or keep your invention as a trade secret can be a challenging decision. On one hand, a patent provides legal protection and can give you a competitive edge, but it is made public 18 months after its first filing. Patent application filing and maintenance can be expensive and not all information is eligible for protection (for example some software inventions or customer lists).

 

On the other hand, keeping your invention secret and not publicly available can be a smart choice if it gives you a significant business advantage and can be kept confidential, for example both Coca-Cola and Campari have successfully managed to keep their formulas secret for decades, whereas any patent protection would have expired after 20 years However, it should be noted that trade secret protection is only as robust as the measure taken to protect it. Either way, it’s important to have a plan in place to keep your intellectual property safe and secure.

And here’s a little tip of our own: hiring WIPA, our professional IP management firm, can make all the difference. We specialize in helping businesses navigate the complex world of IP management and protection.

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From patents and trademarks to licensing, we have the expertise and resources to help guide you through the process by first understanding your business.