Definition of Proprietary technology:
Companies capable of developing useful proprietary technologies in-house are rewarded with a valuable asset and can either use it exclusively or profit from the sale of licensing their technology to other parties.
Confidential concepts, formulae, software code, technical information, etc., that provide competitive advantage to a firm. Proprietary know how is usually protected under law against unauthorized disclosure, misuse, or stealing for an indefinite period, provided all reasonable care is taken to prevent its becoming public knowledge. Also called proprietary know how.
Proprietary technology is any combination of processes, tools, or systems of interrelated connections that are the property of a business or individual. These combinations provide a benefit or competitive advantage to the owners of proprietary technologies.
How to use Proprietary technology in a sentence?
- Proprietary technology is a series of processes, tools, or systems owned by business or individual, which provide the owner with a benefit or competitive advantage.
- Owners can protect their interests with patents and copyrights by limiting information access to employees, and with non-disclosure agreements.
- Proprietary technology may be tangible or intangible assets and may include internal systems and software.
- Since proprietary technology is very valuable, it is carefully guarded.
Meaning of Proprietary technology & Proprietary technology Definition