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This conversation took place at the IPWatchdog Patent Prosecution & Portfolio Management Masters™ 2023 program in June of 2023. Patenting and secrecy are the two major methods of protecting technology that supports competitive advantage. Trade secrets protect a wide range of confidential information, ranging from customer lists to strategic plans and business methods. Patents, of course, protect innovations. There can be substantial overlap between what can be protected with secrets and patents. Or, perhaps it is more accurate to say that historically there has been substantial overlap between what can be protected with secrets and patents. If trade secret interests are in the ascendancy (as many experts believe), the feeling among the IP bar is that patents, if not directly under attack, have been weakened by a series of court decisions and the effects of the post-AIA procedures for challenging issued patents. This panel will discuss the available choices for pursuing protection for innovation and building an IP portfolio considering examining realities and likely litigation outcomes. Emphasis will be placed on discussing patent eligibility concerns associated with building a portfolio, what patents are most likely to be challenged after issuance, licensing realities and the relative difficulty certain innovations face during enforcement proceedings at the ITC and in the district courts.