Take the appropriate measures to keep your information a secret. Increase your revenue and market share by selling or licensing your trade secret to industry partners interested in benefitting from it. Remember! Once a trade secret is made public, it loses its business value and legal remedies become complex. limits on the number of individuals with access to the information. confidentiality clauses in employment agreements.non-disclosure or confidentiality agreements.You should consider different ways to keep your valuable business information secret, including: There is no formal application or registration process for trade secrets in Canada. However, you will need to weigh the effectiveness and the cost of keeping the information secured and confidential alongside the potential financial benefit, keeping in mind other available types of IP protection mechanisms. Unlike with a patent or industrial design, you will never have to publicly disclose the details of your trade secret. There are no registration costs attached to a trade secret, and it can be protected for as long as the secret is maintained. Should I consider other types of IP protection?Įvaluating your intangible assets and identifying your IP is an important part of your business. The business value of the formula is why the company goes to extremes to keep it confidential. One of the most famous trade secrets is the Coca-Cola formula, which has remained a well-guarded secret for over 100 years.
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