Trade secrets are proprietary pieces of information, unknown to others, that give you an advantage over competitors. While thoughts of trade secrets often conjure such iconic examples as the formula for Coca-Cola or Colonel Sanders’ “11 herbs and spices,” they can be far more mundane. However exotic a trade secret might be, all businesses have them and the central key to protecting them is keeping them confidential. This post will show some of the steps that can be implemented to ensure protection of your proprietary information.
- Create Processes to Identify Trade Secrets in the First Instance
As noted, trade secrets are things not generally known outside your organization that provide you with an advantage over competitors. While trade secrets can take many forms, the cornerstone is they are meant to be confidential. Trade secrets can include, among other things, recipes and formulas, process steps, customer lists, supplier information, pricing schedules, forecasts, business plans and prototypes. The key consideration is they are things you want kept hidden from competitors.