As society advances into the Information Age, businesses are increasingly affected by issues of trade secret protection. Because this area of intellectual property law can impact a wide array of commercial activities, practitioners may be unexpectedly faced with questions involving trade secrets. What constitutes a trade secret and how such protection is effected today are the subjects of this article.
Generally, a trade secret is defined as any “formula, process, device, or compilation of information” from which a competitive, business advantage is derived over those in similar businesses who do not know it or have use of it.[1]� A trade secret can take almost any form, and does not have to be esoteric in order to acquire protection.[2]� Trade secret protection is often easier to acquire and maintain than that under patent or copyright law, and thus is often the protection of choice.[3]� Not surprisingly, trade secrets can constitute a significant portion of a company’s assets.
