Trade Secrets

Trade secrets are information that you keep secret to give you an advantage over your competitors. The Coca-Cola’s formula is a trade secret.

What is a trade secret?

Generally speaking, a trade secret may consist of any formula, pattern, physical device, idea, process or compilation of information. The precise language by which a trade secret is defined varies by jurisdiction. However, there are three factors that are common to all such definitions. First, a trade secret must not be generally known to the public. Second, it must confer some sort of economic benefit on its holder. Third, it must be the subject of reasonable efforts to maintain its secrecy. Establishing trade secret protection is therefore starkly different from obtaining other types of intellectual property protection. In contrast to patents, for example, government registration is not required in any way. Click here for the full article.