Patent Attorney and Founder
Hi I’m JD Houvener your host of the Bowl today’s show are you the inventor entrepreneur business owner it’s your daily dose of inspiration between the world a better place happy Friday this is the fifth of a part series all about money making money in the patent world and we’ve talked a lot about enforcement licensing patent publications through defensive publications and outright sales of patents so if you had patent rights which option would you pick and tell us why in the comments below all right this is what I’ve been waiting for this is the fifth way for patent holders are those that are innovating to make money on patents and it’s it is a secret keeping things as trade secrets not filing patents at all it’s an incredibly lucrative way to make money but you’ve got to make sure you work with a trusted advisor to make sure that what you’re keeping secret is not reverse engineering when you deliver it to the customer think about some of the most famous trade secrets of all time coca-cola’s trade secret the KFC master chicken recipe you know even things like the M&Ms right the flavor oftentimes comes in the form of a recipe but it can come in perfumes or different types of chemical applications and methods that no matter what you did to try to figure out how it was done you couldn’t do it there’s no reason although you could seek that protection for these types of chemical mixtures whether it be through liquids or solids or amalgam is patent eligible but you wouldn’t want to do it because remember with patents they’re only good for 20 years after the date of filing you keep a trade secret it can last as long as you keep it secret there are three major requirements for having a trade secret and keeping making sure that’s enforceable against a Miss appropriator it’s a fancy word for infringing a trade secret must not be readily ascertainable it must be economically valuable to a competitor and you must be able to prove that you’re making efforts to keep that trade secret confidential speaking so those three work with an advisor to make sure that what you’ve got inside your company stays there that’s the most important part about a trade secret is working through your employees to confirm that they’re keeping everything confidential so if you’re interested in learning more about trade secrets or about patentability please get ahold of us through our website at bold patents com we’re happy to a 30-minute consultation with you to figure out all those questions you might have about the subject and it’s been my pleasure of you through your this week to talk about different ways that patent holders and innovators make money I’m your host JD Houvener the bold today’s show have a great weekend go big go bold
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