SHOW / EPISODE

What is a Trade Secret, and Why Should I Care?

Episode 11
19m | May 28, 2021

In this episode I discuss a lot about what is (and is not) a trade secret and a little about how to protect this important type of intellectual property.


Trade secret is a type of intellectual property such as trademark, patent, or copyright—but different. You should care because your business's trade secrets provide a competitive advantage and will not be protected if mishandled by you.


LINKS:

Episode's blog post: https://www.keith.law/trade-secret/identifying-your-trade-secrets/

Podcast Website: https://www.keith.law/category/podcast/

Firm Website: https://www.keith.law/

Calendly page to schedule a call https://calendly.com/keithlawpllc/20minute

LinkedIn profile https://www.linkedin.com/in/jason-keith-0736a931/

 

TIMESTAMPS:

00:00 — Topic

00:04 — Intro

00:28 — On this episode, introductory information

02:05 — TUTSA definition of "trade secret"

03:25 — Simplified definition, and explanation

04:15 — The secrecy requirement

04:20 — Not patents, because patents aren't secret

05:22 — But, possibly undisclosed aspects related to a patent

06:00 — Not readily discoverable except through improper action

06:34 — A legal purchase followed by reverse engineering is permissible (except for patents)

06:50 — It's not a defense that reverse engineering was possible, in theory

07:25 — Courts ask "how did the defendant learn the trade secret information?"

07:40 — Must take reasonable steps to maintain secrecy

07:45 — Factors courts may consider to determine whether it's a secret

08:30 — A warning

09:22 — Factors courts may consider to determine whether it's a secret

10:13 — As an aside, novelty is not required

10:30 — Is use required? Not necessarily

11:05 — Competitive advantage is a fundamental aspect of a trade secret

11:44 — Categories of potential trade secrets

12:09 — Technical information examples (including "negative know-how" at 12:49)

13:26 — Customer lists as trade secrets (independent economic value and secrecy are still required)

14:55 — Other examples of business information that are potential trade secrets

16:20 — This episode only covers the basic definition of trade secret and the breadth of possibilities

17:00 — Check the show notes for lots of stuff

17:38 — Closing thoughts

18:45 — Outro

 

Disclaimer: This audio and related video and blog post are for informational purposes only and should not be misinterpreted as legal or other professional advice. If you have a legal question, you should consult with an attorney in your jurisdiction. Thank you for tuning in to Keith Law, PLLC.

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