Determine The Proper Ip (intellectual Property) To Pursue
Instructions
Patents have been established to stimulate innovation based on the economic incentive theory. While patents can be used to protect IP (Intellectual Property), they come with the tradeoff of making the invention public knowledge and a resource for other inventors. For example, a patent for a new drug could protect the original manufacturer for many years to cover the cost of invention. However, as soon as the patent has expired other companies could flood the market with low-cost, generic versions of that drug, taking advantage of the information in the published patent.
As a researcher, it is imperative to understand the economic incentive theory. Patent research plays a crucial role in new product development. In a 300- to 500-word response, discuss what would affect your decision making in pursuing a patent, or keeping the technology a trade secret, if you were involved in the development of a new technology. Discuss what types of technology are best suited for protection by patents and which should potentially be held as trade secrets. What are the advantages and disadvantages of each?
Length: 1-2 pages
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