Trade secrets are not obvious IP assets but can nevertheless add a significant commercial advantage to a business, particularly when it may not be possible to obtain registered IP protection or even not in a business’ best interests to do so.
Trade Secrets are not subject to registered protection but protected by a raft of contractual agreements such as Non-Disclosure Agreements, Confidentiality Agreements and Non-Competition clauses.
Taking the Coca-Cola syrup formula as an example, this is a closely guarded trade secret known to only a handful of employees. Protecting the formula as a trade secret rather than a patent has given The Coca-Cola Company more effective IP protection than the 20 years monopoly a patent would provide.
CreateIP can help you assess your business to identify your IP, the key employees in your business with access to it, and evaluate your risk exposure. We can also review your existing contracts with these personnel and/or draft the necessary documents to ensure all your important systems, techniques, methods and formulas are recorded and protected.