What is a trade secret?Trade secrets can cover ideas and know-how. A trade secret is a set of data or information that is generally not known in the industry, which provides the user with an edge over the competitors. The formula for Coca-Cola is an example.
How are trade secrets protected?Trade secrets are protected by just keeping it as secret. Trade secrets and "know-how" are not subject to patent or trademark protection but can be enforced as valuable property rights by the courts. The owner of a trade secret has to protect it from disclosure and maintain its confidential nature in order for it to be enforceable as a trade secret. There is no process for application or registration of trade secret or know-how. In fact, publication of a trade secret to any third party could destroy its confidential nature.
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