Trade Secrets - Fast FAQs
What is a trade secret?
A trade secret is knowledge or information that:
- Is not generally known
- Gives its owner some economic advantage over competitors specifically because the knowledge or information is not generally known
- Is diligently protected from being disclosed.
Are confidential information and trade secrets the same thing?
Any confidential information that meets the three tests above can be considered a trade secret.
Why would I want to define something as a trade secret?
Under state and federal laws, you can enjoy protection against illegal or improper leaking of your valuable proprietary business information only if you treat that information as confidential and protect it from disclosure. In essence, it is not illegal for anyone to acquire and use any of your information that you have not defined and treated as confidential.
Are trade secrets really intellectual property?
You’re probably asking because many descriptions of intellectual property discuss only copyrights, patents and trademarks. Trade secrets are often overlooked because there’s no government paperwork involved in filing for protection, and there aren’t as many rules and regulations attached. Yet trade secrets are definitely intellectual property and can be just as valuable as patents, copyrights and trademarks. If you don’t believe that, just ask Coca Cola how much they value their secret formula for Coke.
What do I need to know about trade secrets?
Several things, actually.
- When to use patent protection instead of trade secret protection
- What you can do to protect your trade secrets
- How to avoid losing your rights to trade secret protection
- How to identify information you have that should be protected as a trade secret
- Potential remedies if your trade secrets are disclosed.
Related Articles
- How to Protect Trade Secrets
- Key Provisions of the Uniform Trade Secrets Act
- Guide to Non-Disclosure Agreements
- Choosing Between Patent and Trade Secret Protection
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