You can keep your invention completely secret and delay your patent application. However, if you delay, you may find that your invention no longer qualifies for patent protection in light of other patents granted or applied for, or other inventions that came within public knowledge or use. If you own a start-up business and are looking for financing, you should have already acquired a patent.
There are some scenarios where patenting your invention or your process is not necessary and may be harmful to your business structure. For instance, if your invention uses a unique recipe of ingredients that cannot be reverse engineered, a patent is not necessary. Instead, you should look into protection in terms of a trade secret. Additionally, if your invention is a particular process such as a new way to harden steel, and once again it cannot be reverse engineered, then you do not need a patent.
If your invention or process is unique, but can be reverse engineered or easily researched by a competitor, then you should seek a patent before making your invention public. This is because a patent prevents anyone from recreating your invention, even if it's reverse engineered. The only disadvantage to seeking a patent is the limited time of protection. An invention is only protected by its patent for 20 years. After that time, anyone may produce your invention.
Patent law and obtaining patents is a very complex process that requires exact drafting of the patent application to ensure airtight protection. As with any especially sophisticated area of the law, it's always best to consult an attorney about whether to patent or leave your invention a trade secret. Remember that while a patent does offer limited time protection, it ensures absolute rights to manufacture for 20 years, which is plenty of time to gain a foothold in the industry.