Trade secret

A trade secret is a valuable piece of confidential information belonging to a company or person that gives it a competitive advantage in the marketplace. If a company's trade secrets are misappropriated or stolen by a competitor, the company may have legal remedies, such as suing for damages or seeking an injunction to prevent further disclosure. 

For information to qualify as a trade secret, it must meet several criteria:

It must be secret

The information must not be generally known to the public or to competitors.

It must have value

The information must give the company a competitive advantage.

Reasonable efforts must be made to maintain its secrecy

The company or person must take reasonable steps to protect the information from disclosure.

What are the most common types of trade secrets?

Formulas and recipes

This includes any secret formula or recipe used in the production of a product or service. This could include recipes for food or drink, formulas for cosmetics, pharmaceuticals or any other proprietary blend of ingredients.

Industrial Designs

Industrial designs are any unique and original designs used in the manufacture of a product. This can include anything from the shape and appearance of a product to the way it is constructed.

Manufacturing processes and methods

This includes any secret processes or methods used in the manufacture or production of a product. This could include anything from specialised equipment to unique production techniques.

Commercial strategies

Commercial strategies refer to any secret plans or approaches that a company uses to market or sell its products or services. This can include anything from targeted advertising campaigns to unique pricing strategies.

Financial information

Commercial strategies refer to any secret plans or approaches that a company uses to market or sell its products or services. This can include anything from targeted advertising campaigns to unique pricing strategies.

Source code

Source code refers to the computer code used to create software or other digital products. This code can be highly valuable and confidential as it contains the instructions that make the product work.

Databases

Databases contain information that is organised and stored in a specific way. This can include customer lists, sales data, or any other type of valuable information that is essential to the operation of a business.

Government

This category includes any confidential information a company may have relating to its interactions with government agencies. This could include information about contracts, regulatory compliance or any other sensitive government-related information.

Startups & Investors

The Startups & Investors category refers to any confidential information a startup may have related to its investors, fundraising activities, or other financial information. This could include sensitive information about investors, pitch decks, or other proprietary information related to the startup's financial operations.