Trade Secret Knowledge
What is a trade secret?
A trade secret is any information that meets these three requirements: 1) economic value, 2) it is not commonly known and 3) is kept confidential.
Can any data or information be considered a trade secret?
Yes, as long as it meets the three requirements mentioned above.
Is a trade secret considered intellectual property?
Yes, in fact for many companies it is their most important form of IP
How is a trade secret different from a patent?
Patents require public disclosure of the innovation and how its made. In exchange a 20-year monopoly is granted to the owner. Trade secrets, on the other hand, never expire for so long as ] strict confidentiality is maintained.
How can we keep it safe?
First and foremost you need to have your trade secrets documented. Recent case law, including Mallet (Food technology) and irth Solutions (Software), highlight the perils of poor documentation.
We do not have patents or innovation in the company. Is Tangibly relevant for us?
Trade secrets cut across the organization and are not limited to technology. Customer lists and data, for instance, is one type of trade secret that nearly every organization has, and they are often the center of trade secret litigations.
Can Tangibly help me determine what my trade secrets are?
As part of your onboarding process, we will indeed help you understand what are some of your most valuable trade secrets.