Trade Secret

Trade secrets are a form of intellectual property based on a secret formula, pattern, compilation, program, device, method, technique, process, or other information that is subject to reasonable secrecy efforts and gives the owner an economic advantage over competitors.

However, the form a trade secret can take is not limited. Anything can be a trade secret a long as it is a secret, the owner takes reasonable steps to keep it a secret, and the secret gives the owner an economic advantage over coopetitors.

If a business’ success is dependent upon trade secrets, it is important that the owner has the necessary agreements in place in order to be able to operate it’s business without fear of disclosure.  Additionally, not taking reasonable steps to protect the secret can make it not protectable under the Uniform Trade Secrets Act (UTA) and can increase the risk of disclosure to competitors.  Having the proper procedures and agreements in place can make or break a business built on a trade secret.