2. Plato “and yet the true creator is necessity, who is the mother of all invention” What does this mean? What is an invention vs. an innovation? If one is to become an entrepreneur, you must be familiar with patents.

3. Patents Once an object is invented, it can be recreated and sold by anyone other than the inventor UNLESS the inventor applies for a patent. A patent protects the idea of the invention so that it can only be created and sold by the person who invented it. However, the patent is only applicable to the country in which is it granted. For example, if you apply for a patent in Canada, your invention can still be created in the US.

4. Trade Secret A trade secret, unlike a patent, is not protected by the government. Trade secrets, unlike patents, do not require a fee. To ensure trade secrets (such as formulas, plans, and devices) do not fall into the hands of competitors, companies request that employees sign confidentiality agreements which make the employees liable if the secret ‘gets out’.

5. Patent Searches www.google.ca/patents You can also search for patents on government websites. The patent will include detailed specifications, workings drawings, and technical information on the invention.