2/26/2024 0 Comments Famous trade secretsTrade secret protection does not apply if someone else discovers your IP independently.Īn invention protected as a trade secret may be conceived independently and then patented or otherwise used by someone else without infringing on the trade secret. This could be done because your IP is too obvious, or it could be reverse engineered. Trade Secrets may not be the best IP protection choice if your competitors can easily reconstruct your creation. Although some recourse may be available in the case of illicit disclosure, protection is lost because a trade secret cannot reasonably be expected to remain confidential once it has been disclosed publicly. Principle of least privilege ( only those that must know will know the secret).Īdditionally, trade secret protection is lost if a secret is disclosed publicly whether intentionally, accidentally, or illicitly.Confidentiality clauses in employment agreements.Non-disclosure or confidentiality agreements.You should consider different ways to keep your valuable business information secret, including: Likewise, protection will be lost if sufficient care to maintain secrecy cannot be demonstrated. Trade secret protection applies to business information only if sufficient care is taken to maintain its secrecy. (E.g., The Coca-Cola formula has been protected for over 100 years this way!) Protect business information indefinitely, as long as the trade secret remains confidential.Protect valuable business information that is not formally protected through other IP rights.Protect an invention through means other than patent protection or industrial design.Trade secrets can be very valuable when you have developed new technology, designed original products, created the perfect recipe, or compiled a wealth of data. Reasonable Efforts: The owner must take reasonable measures to maintain the secrecy of the information.Commercial Value: The information must provide a competitive advantage or economic benefit to its owner, i.e., it derives value from its secrecy.Secrecy: The information must not be generally known or readily accessible to the public or competitors.To qualify for trade secret protection, information must generally meet the following criteria: Some popular examples include the Coca Cola Formulation or KFC’s 11 herbs and spices. It can be a method, a technique, a process, research and analysis data, a formula, a recipe, a device, an instrument, etc. A trade secret can be any business information that derives its value from its secrecy.
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