What is a Trade Secret?
A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.
Your trade secrets may be the heart of your business. It is possible that your methods of manufacture may be better suited for trade secret protection than patent protection. Proper trade secret protection can help you protect your innovations. Trade secrets have an advantage over other intellectual property because you obtain your rights automatically, it does not have to be published, it does not expire and the scope is very broad. The rights given to you by trade secret protection include the right to exclude anyone using the information protected under your trade secret and obtaining the information without your authority.
However, trade secret protection is lost the moment the information is disclosed unless it is accompanied with contractual restrictions. It is important to have a proper process of protection in place and also to educate everyone in your organization in the proper protocol in protecting a trade secret. The Law Office of Art Dula can help you establish a proper trade secret protocol to protect you business and your intellectual property.