A Trade Secret is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information which is not generally known or reasonably ascertainable by others, and by which a business can obtain an economic advantage over competitors or customers. Unlike all others areas of Intellectual Property Law, Trade Secrets are not filed at either the state or federal level. Trade Secrets, whether a simple customer list or a complex block of computer code, are among the most valuable competitive advantage that companies have.
To break it down, information becomes a Trade Secret when:
There are few worse feelings than seeing the work that you produced being used by someone else without permission. I have talked to many creative, small businesses, or freelancers, who are frustrated when they discover that their work has been duplicated. It is a violation of their hard work. Also, when you are boot-strapping your business, it is extremely frustrating to see someone else benefit from your efforts and gain the rewards when you really need those rewards coming to you instead to keep your business afloat.
In this series of posts, I’m going to discuss how to protect your Intellectual Property (“IP”). We’ll start with some definitions here because the difference between each category sometimes gets confusing. The most important part of protecting your IP is knowing what type of IP you have.
Author: Aimee Haynes
I motivate, I blog, I listen, I give advice, I help, I create, I work with others, I stand my ground when needed, and I am always open to new ideas. In addition to the qualities that define me most, I'm also a Corporate Law attorney working with entrepreneurs, creatives, and small businesses to help them achieve success..