15:24
ok thanks! appreciate the insight
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Simple English definitions for legal terms
proprietary technology
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A quick definition of proprietary technology:
Proprietary technology is a type of knowledge or know-how that belongs to someone and they have to give permission before others can use it for business. It's like a secret recipe or a special way of doing things that gives the owner an advantage over their competitors. It's important to keep it a secret so that others can't copy it and take away the advantage.A more thorough explanation:
Proprietary technology refers to a body of knowledge or know-how that is owned or controlled by a person or company. This knowledge or know-how is kept confidential to maintain an advantage over competitors. It can include formulas, processes, devices, programs, methods, techniques, or processes that are not generally known or readily ascertainable by others who can obtain economic value from its disclosure or use.
For example, a company may have a proprietary technology for a new type of battery that lasts longer than any other battery on the market. This technology is kept secret to maintain a competitive advantage over other battery manufacturers. Another example is a software company that has a proprietary algorithm that makes their software faster and more efficient than their competitors.
These examples illustrate how proprietary technology can give a company a competitive edge in the market. By keeping their technology secret, they can maintain their advantage and continue to innovate and improve their products.