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How many types of trade secrets are there?

5 Types of Trade Secrets.

Why should companies protect trade secrets?

Trade secrets are widely used by businesses across the economy to protect their know-how and other commercially valuable information and thereby promote competitiveness and innovation.

What are the 3 components of trade secret?

In general, a trade secret has three parts: (1) information (2) economic value from not being generally known by others, and (3) reasonable efforts have been taken to protect the trade secret.

Why is secrecy important to a business?

It must be commercially valuable as a result of it being secret. This means that its value must largely be linked to its confidentiality. A secret recipe is of great value as no other business is able to prepare, manufacture or create a particular product as the method required is not generally available to the public.

What are the most famous trade secrets?

But to better understand how you can leverage trade secrets for your business, lets look at some notable examples of trade secrets from different industries. Googles Search Algorithm. Coca-Colas Coke Syrup Formula. KFCs Original Recipe. McDonalds Big Mac Special Sauce. WD-40s Multi-use Product Formula. Patents.

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