If you’re a small business with an invention, process, formula, or similar type of intellectual property, you may balk at the cost of patenting it. In some cases, keeping it as a trade secret may be a preferable option to filing for a patent.
Difference between Trade Secrets and Patents
Patents are official government licenses that give you exclusive rights to profit off of your inventions for a set period of time. It covers such items as manufacturing, reverse engineering, or selling your invention.