We have all heard of trade secrets–things like the formula for Coca-Cola, WD-40, or the filling of Twinkies. Trade secrets are much more than recipes, however. They include things like the New York Times methodology for what constitutes a best-seller, which the company intentionally protects as a trade secret. But what qualifies as a trade secret? How “secret” does it have to be? Your company or business venture may have, and may have already lost, a number of trade secrets without even knowing it. Learning what they are, how to protect them, and their value can bring big benefits to your business.
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