The answer lies in the power of trade secrets. Competitors have gone to great lengths to expose and copy them, but to no avail. These are some of the best-kept secrets in the commercial marketplace. The stuff in WD-40 that fixes whatever sticks or squeaks. The Colonel’s finger-lickin’-good recipe. The list above includes only a few ways to keep information secret.The formula for Coke. Remember, once your secret is out, it is impossible to make it secret again. Lock and key: Lock up any valuable business information in a safe.Password protection: Use passwords to access valuable business information.Encryption: Encrypt any valuable business information.Confidentiality clauses: Include confidentiality clauses in employment agreements.Non-disclosure or confidentiality agreements: When you disclose your business information to anyone, have them sign a non-disclosure agreement.There are numerous ways to keep your valuable business information a secret, including the following: Once the secret is out, the business value is usually lost and the trade secret protection ends. Trade secrets can potentially last forever, provided the information actually remains a secret. How long does trade secret protection last? To protect this confidential information, businesses use trade secrets. This type of confidential information (IP) is generally not protected through patents, trademarks, industrial designs or copyright. Protect valuable business information that is not formally protected through other intellectual property (IP) rightsīusinesses that have a wealth of consumer data, recipes for food products or cutting-edge market research and analysis want to ensure that competitors do not get their hands on that information.This strategy is often used when the invention has a short lifespan or is difficult to reverse engineer. ![]() ![]()
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