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Advantages and Disadvantages of TRADE SECRETS

Learn here about the advantages and disadvantages of Trade Secrets.

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Advantages and Disadvantages of TRADE SECRETS

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  1. ADVANTAGES AND DISADVANTAGES OF TRADE SECRETS www.consor.com

  2. Trade secrets provide certain benefits and protections that the other forms of IP do not. For example, when a company files for a patent, it must disclose some of the subject matter and details to the U.S. Patent and Trademark Office (USPTO), making those elements available to the public. Anyone or any company can view those filings and attempt to circumvent the patented elements. With the advent and proliferation of the Internet and globalism over the past few decades, the ability to circumvent or reverse-engineer a patent has increased exponentially.

  3. Another advantage of trade secrets is that they can be kept in perpetuity, unlike other forms of IP. From the list below of famous trade secrets, there are a handful that are several decades old, and one that has been around for well over a century. McDonald’s secret sauce Coca-Cola formula Google search algorithm KFC recipe Lena Blackburn’s baseball rubbing mud New York Times bestseller list WD-40 Listerine formula Twinkies preservatives Krispy Kreme doughnuts process

  4. There are some disadvantages to trade secrets, of course, most in the form of legal recourse should your trade secret become public. Until recently, if your trade secret became public (legally), you did not have an easy way to regain the secretive nature of your company’s advantage, determine the monetary value of the trade secret, or punish the entity that made your secret public through legal means.

  5. For a long time, the ability to seek legal recourse for trade secret misappropriation had been a relative patchwork of varying state laws. However, trade secret law has made a lot of progress on this front, culminating in the 2016 Defend Trade Secrets Act (DTSA) that sought to provide companies with the ability to file civil lawsuits in federal court under the Economic Espionage Act (EEA), greatly strengthening trade secret protection into the new millennium.

  6. For Trade Secret Valuation Services: Address 7514 Girard Avenue, Suite 1500 La Jolla, CA 92037 Phone No. 800.454.9091 Website www.consor.com

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