‘Trade Secret'- Key To Ultimate Success?

Every Intellectual Property (IP) generated by a business entity has its own significance. Amongst them, the key that makes the venture more lucrative is its trade secrets. Does "Coca Cola's Secret Formula" ring any bells? Well, a Trade Secret can be any formula, method, ingredient or business information that is kept highly confidential in order to maintain a conspicuous advantage over competitors. For instance, the famous KFC 'Original Recipe' developed by Colonel Sanders in 1940 remains one of the highly protected trade secrets in the world. The handwritten recipe is now guarded in a safe in Kentucky while the knowledge of the same is protected by various legal means like Non-Disclosure Agreements and Confidentiality Clauses. Through this article, let's peruse why trade secrets hold significance and what other methods can be used to protect them.