How do you identify trade secrets?

Trade secrets can be broadly defined as confidential information that has a commercial value. The question of how to identify trade secrets is a complex one. In South Dakota, the law defines trade secrets as any information, design, process, procedure, formula, or compilation of information that is not generally known or ascertainable by proper means. Trade secrets are typically associated with a particular business, and are usually kept secret from competitors in order to gain a competitive advantage. Trade secrets may be related to manufacturing processes, customer lists, pricing strategies, marketing plans, and other confidential information. The Uniform Trade Secrets Act, which has been adopted in South Dakota, provides certain criteria to help in identifying trade secrets. These criteria include: (1) the extent to which the information is known outside the business; (2) the extent to which it is known by those employed by the business; (3) the value of the information to the business and its competitors; (4) the amount of effort or money spent to develop the information; and (5) the ease or difficulty with which the information could be properly acquired or duplicated by others. In addition, companies may use contractual provisions and employee policies to protect trade secrets. These provisions and policies will typically specify which information is to be kept confidential, how it should be protected, and what the consequences are for revealing the information. By using these criteria and contractual provisions, companies can help ensure that trade secrets remain confidential and are not disclosed to competitors or the general public.

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How do you identify trade secrets?

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