As we discussed last week, trade secrets are a type of Intellectual Property protection. The courts define “trade secret” very broadly. It can mean any type of confidential or secret information that gives a business a competitive edge. Some examples of trade secrets: survey methods used by professional pollsters; formula for a sports drinks; recipes; a new but unpatented invention; manufacturing techniques; marketing strategies; and computer code or algorithms. Trade secrets can even mean a good prospect list or supply chain. Trade secrets are any valuable business information that is not generally known.
Trade secrets are a type of Intellectual Property protection. Many small businesses assume that unless they are a high tech company or an inventor, the concept of “trade secrets” does not apply to them. However, the idea of a trade secret has always been defined very broadly. It can mean any type of confidential or secret information that gives a business a competitive edge. The most famous trade secret in the business world is the recipe for Coca Cola.