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Application Problem 11 Trade secrets vs. Patents

Application Problem 11 Trade secrets vs. Patents

Q Only George Safar is responsible for submitting an answer to this problem. The rest of you should read her answer, read my response posted by Tuesday, and comment if you’d like. The 30 points possible for this assignment is based on 5 points for punctuation, grammar, spelling, and overall writing clarity, and 10 points for correctly answering ALL parts of the questions and 15 points the thoroughness of your analysis and explanation for the answers, regardless of whether or not they’re right. ___________ This week you learned about the many ways that individuals and companies can protect their intellectual property. Two of those ways are through trade secrets and patents. Both offer protection, but differ in several keys ways. For this week, answer the following questions regarding these two legal tools: 1. In 1-2 paragraphs, explain what is a trade secret? 2. In 1-2 paragraphs, explain what is a patent? 3. How can trade secrets be beneficial for a company?

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Every business has its own secrets and strategies which they do not want to share with anyone to maintain the competition. Trade secrets are basically the intellectual property which includes the secrets of processes, formulas, recipes, ingredients, patterns, technology, designs and other information that has economic values. Trade secrets are passed on from one generation to the other (Pooley, 2021). These are important assets for innovators and creators of products, goods and services.