What is the difference between a trade secret and a patent?

A trade secret and a patent are both forms of intellectual property law, which protect inventions or other creations of the mind. The main difference between a trade secret and a patent is their duration. A patent is legally granted by the government for a period of 20 years, while a trade secret can last indefinitely, provided that the owner takes reasonable steps to keep the secret secure. A patent is a set of exclusive rights granted to an inventor or other originator which allow them to prevent others from using, making, or selling the invention without their consent. A patent is only granted when the invention or concept is considered to be new, useful, and non-obvious. A patent must be registered and approved by the relevant government body in order for it to be legally valid. A trade secret, on the other hand, does not have to be registered or approved by any government body and can be as simple as a recipe, customer list, or process. It is legally protected against use or disclosure of any information that the owner does not want disclosed. However, it is important to note that while trade secrets can last indefinitely, they can be lost if they are not adequately protected from someone else reverse engineering it. In summary, a trade secret and a patent are both forms of intellectual property protection, the main difference being a patent is granted for a set duration of time, while trade secrets can theoretically last indefinitely.

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