Another type of intellectual property right is a trade secret. Trade secrets protect information. Generally, in order to qualify for protection, the information must be 1) of commercial value; 2) known only to a limited group of people; and 3) subject to efforts by its owner to maintain the secrecy of the information. In other words, the key piece of a protectable trade secret is that it be just that: a secret.
Trade secrets can include technical information, such as information concerning manufacturing processes, test data, designs and drawings of computer programs, financial information, formulas and recipes and source codes and commercial information, such as distribution methods, list of suppliers and clients and advertising strategies.
Trade secrets are typically protected through confidentiality agreements and other similar protection mechanisms. While often not a viable intellectual property strategy for innovations that are made publicly available, trade secrets can provide a powerful tool for protecting proprietary information that, unlike patents and copyrights which have a limited term, can last in perpetuity so long as the necessary precautionary measures are taken to secure its secrecy.
At Winder Intellectual Property Law, we provide guidance in developing effective policies and practices to help preserve the longevity, secrecy, and viability of our clients ’ trade secrets.
