If you own a business in California, you may have something very valuable within your organization that qualifies as a trade secret. If you do, it is essential to understand why they are so valuable. This is the only way to ensure you can protect them and keep them as a valuable company asset.
To begin with, according to Business.com, a trade secret is something that helps you distinguish your company and your products or services from everyone else. It helps you to define your business and gain a competitive edge. Businesses use them all the time. The secret formula for Coca Cola and the spices in KFC chicken are two great trade secret examples.
One of the most important things to know about a trade secret is the only way to protect it is to keep it secret. Once it becomes public knowledge, it is no longer protected as a trade secret. You do not have to registered your trade secrets with the government to get protection. You just have to establish it as a valuable secret to get protection.
All industries use trade secrets. They allow companies to rise above competitors. They can give you and edge that allows you to earn a lot of money. Because they distinguish your business, products or services, they hold value. If someone else finds out about them, then you lose your edge. The secret is no longer valuable and someone else can use it to boost their business. This information is for education and is not legal advice.