Any bit of information that provides a Texas business with a competitive advantage over others is commonly referred to as a trade secret. Since a large portion of the business’s ability to make an income is reliant on their trade secrets, it’s fully natural to want to protect them from being used without its knowledge.
What are trade secrets?
Trade secret law defines a trade secret as some type of information that has an economic value due to its secrecy that a business is making a reasonable effort to keep secret. It’s important to realize that a business must make a reasonable effort to keep its secrets private. Otherwise, they’re not considered secret. Some examples of trade secrets include formulas for a new product, a special pattern for a running shoe, an app for determining the value of a product, a device that captures pictures in a new way or even a new process to make ice cream.
Intellectual property protection
When many companies first start out with a trade secret, they want to protect it at all costs. One of the first things they may do is to register it in some manner as intellectual property. The reality is that if you go down one of these paths, the secret will become public knowledge. For example, let’s say you have crafted a new app. If you decide to patent it, the trade secret becomes known to the public even though you still hold the rights to the app.
Trade secrets have been used for centuries as a way to gain a competitive edge over others in your industry. Because many businesses realize their financial reliance on their trade secrets, they want to do everything possible to protect them. An attorney who has experience with these matters can provide advice and counsel on this matter.