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31 October, 09:13

3. Patents are discussed as part of the invention phase of the innovation process in Exhibit 7.2. Describe the trade-offs that are made when a firm decides to patent its business processes or software. Is this same trade-off applicable to tangible hardware products made by a firm?

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  1. 31 October, 10:30
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    To get a business software patented, the business should have it as a very innovative process and a monopoly of that. No repetition can be patented.

    Explanation:

    To patent a business method, the innovation must be novel and nonobvious. What's more, a business strategy must be something other than a plan to be patentable. The Supreme Court ruled in Bilski v. that The standard for patentability for a business strategy is that it must be a procedure that makes a valuable, concrete, and unmistakable outcome.

    In order to get patents for a particular thing in a company, the firm should have something which is very innovative or it has a monopoly over that particular thing.
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Home » Business » 3. Patents are discussed as part of the invention phase of the innovation process in Exhibit 7.2. Describe the trade-offs that are made when a firm decides to patent its business processes or software.
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