A trade secret is information that:

• is not generally known to the public;

• confers some sort of economic benefit on its holder; and

• is the subject of reasonable efforts to maintain its secrecy.

Trade secrets can include confidential information such as customer lists, formulas, ways of doing business and methods.  The law applied to trade secrets varies from state to state.

Trade secrets are protected indefinitely, compared to patents which expire. However, the owner of the trade secret has no protection against a third party that independently conceives and uses the trade secret, so long as it was not misappropriated from the trade secret owner. In fact, a third party may be able to patent the trade secret and then enforce it against the original trade secret owner.

Every invention and idea cannot be kept as a trade secret.  Contact Nancy to discuss how to protect your inventions and ideas.