When we talk about trade secrets, the first thing that comes to our mind is profits over the competition. In order to gain more profits and survive better in this competitive business world, business needs to keep pace with new technology and potential requirements of customers with meliorated products and sometimes there is a secret that a company uses to meliorate its goods and services.
Such information which is only known to, in most cases, the owner of a company or small group of that company which to has economic value because of its confidentiality and with all efforts kept a secret from other players in the market, is known as “Trade Secret”.
A trade secret is an intellectual property right that does not require registration. The basic aim of the trade secret is to spur and shield the businessman who puts its time and capital in innovating something which benefits business over other competition.
Now the question comes what things can be qualified as a trade secret? How one can establish that his/her trade secret is being misappropriated and what are the remedies for the same? We will answer all these questions and know more about trade secrets in the following blog.
Key Words: Trade Secret, Misappropriation, Remedies