A trade secret is a type of intellectual property that protects a formula, process, or other business information that is valuable because it is not generally known or readily ascertainable and that the owner keeps secret in order to maintain a competitive advantage. [1] Well-known examples of trade secrets include the formula for Coca-Cola, the recipe for Kentucky Fried Chicken, and the ...
Trade secrets are vital IP assets held by innovators. Protection of those assets against theft and misappropriation is essential to foster innovation and promote economic growth.
4 What is trade secret law? 5 How to protect trade secrets and why it matters 6 FAQs 6.1 Is it possible to sell and license trade secrets? 6.2 What happens if a trade secret is stolen? 6.3 How can I protect a trade secret? A trade secret is a type of intellectual property. The rights to this confidential information may be sold or licensed.
A trade secret may be also made up of a combination of elements, each of which by itself is in the public domain, but where the combination, which is kept secret, provides a competitive advantage. Other examples of information that may be protected by trade secrets include financial information, formulas and recipes and source codes.
The Uniform Trade Secrets Act (UTSA) is a piece of legislation created by the Uniform Law Commission (ULC). The UTSA defines trade secrets and describes claims related to trade secrets. As of 2024, 48 states, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico, have adopted the UTSA. What is a Trade Secret UTSA's Definition The UTSA defines a "trade secret" as: Information ...