Advantages of Trade Secrets

A trade secret is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information that is not generally known or reasonably ascertainable by others, and by which a business can obtain an economic advantage over competitors or customers. Not to be confused with confidential information within an organization; better think of it as the highest level of confidential information. This type of intellectual property is quite different from the other types and this especially is noticed in the advantages it has to offer:
➡️ No costs for registration – One of the great things about trade secrets is that there are no filing requirements or legal fees involved in obtaining trade secret rights. The only costs involved are the costs for the security steps required to keep the information secret.
➡️ Disclosure – Unlike the patent that has to become public information, trade secret protection doesn’t require disclosure or registration.
➡️ Eternal – The trade secret unlike the patent that lasts 20 years, is not limited in time
➡️ Immediate effect – Other IP might require even years to be grated like in the example of patents, meanwhile trade secrets are effective immediately.