Question

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?

Answer 1

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.