Trade secrets are considered “insider knowledge” that is not generally known to the public and, as a result, increases a business’s economic and competitive advantage in its industry. Trade secrets could include recipes, formulas, patterns, product strategies, marketing designs, or special techniques, technology, and manufacturing processes.
A trade secret initiative is a plan to distinguish and protect insider knowledge from the public and from theft domestically and abroad, so a business can keep its competitive advantage.
A secret recipe, whether a chemical recipe or a food recipe, includes instructions and information on how to create a distinctive and exclusive product.
The evaluation and analysis of a business’s intellectual property is an asset review process that evaluates the value of a company’s intellectual properties—such as trademarks, trade secrets, copyrights, and patents—and creates a plan to get the most benefit out of them as well as a plan to protect them.
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