Trade Secret: A best IP strategy for Intangible Asset
"Trade secret" refers to information, such as a formula, pattern, compilation, programme device, method, technique, or process, that:
1. derives independent economic value, actual or potential, from not being widely known to, and not readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and
In its most basic form, a trade secret is knowledge that a company wants to keep hidden because keeping it private benefits the company or releasing it would harm the company and benefit its competitors.
Trade secrets are often overlooked, despite the fact that they may provide the greatest single contribution to intangible assets. Today, a company's intangible assets are worth more than its tangible ones.
Despite the fact that trade secrets may provide the greatest single contribution to intangible assets, they are the overlooked sister among them.
Failure to identify trade secrets is a common stumbling block in proving a trade secret in court. It is impossible to expect someone to keep something as a trade secret if the fact that it is deemed a trade secret has never been stated.
It is best to identify trade secrets in a written notice signed by individuals who are required to preserve the secret, such as a non-disclosure agreement, so that it can be established in court later.
Not every piece of information can be kept under wraps as a trade secret.
Most of the time, this is done with information that is already in the public domain (available to the public)