Business Related Guides
Intellectual Property
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A trade secret is carefully guarded information that represents a competitive advantage for a business. To be considered a trade secret, information must clearly contribute to a firm's future revenue and must be unknown to all competitors. As such, registered intellectual property such as a patent isn't considered a trade secret. The following are common types of trade secret.
FormulaThe formula for a product. Some types of products, such as food are required to display ingredients on the label in most jurisdictions. However, this is usually a high level list of ingredients that leaves the exact formula a secret.ProcessA process such as a cooking process that results in an advantage such as a unique flavor.The design of a product or service. It can be difficult to keep designs secrets for long as they can typically be reverse engineered.
MethodsMethods such as an algorithm or calculation that improves decisions, operations or products.ToolsA tool that improves work results such as a propriety design tool that improves productivity and quality.Propriety systems and robotics that automate work to improve efficiency and quality.
PatternsA reusable solution that applies to multiple designs, systems or processes.Know-howThe ability to solve a problem that the competition isn't able to solve.
Competitive Advantage
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