A trade secret is typically a formula, pattern, device, or compilation of information that gives a business the opportunity to obtain an economic advantage over competitors. In contrast to a patent, which becomes publicly available when it is issued, a trade secret is enforceable as long as it is kept secret. If, however, the information making up the trade secret is independently discovered by someone else, the information may cease being a trade secret. Holders of trade secrets must take measures to ensure that the information they wish to protect as a trade secret remains secret. One such measure is to have all those to whom the trade secret is disclosed sign nondisclosure agreements.
Trade secrets are enforceable by courts.
Misappropriators of trade secrets may be forced to pay monetary damages to the holders of such secrets as well as be enjoined from using such secrets. Hypothetical example of protecting technology Different intellectual property rights can be used to protect various aspects of the same technology. This is illustrated in the following hypothetical example. A company has developed a new laser technology to treat ophthalmic disorders. The technology includes a new laser device.