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A trade secret is a form of intellectual property comprising confidential information that is not generally known or readily ascertainable, derives economic value from its secrecy, and is protected by reasonable efforts to maintain its confidentiality. [1] [2] [3] Well-known examples include the Coca-Cola formula and the recipe for Kentucky ...
Company founder Asa Candler initiated the veil of secrecy that surrounds the formula in 1891 as a publicity, marketing, and intellectual property protection strategy. While several recipes, each purporting to be the authentic formula, have been published, the company maintains that the actual formula remains a secret, known only to a very few ...
The recipe is not patented, because patents are published in detail and come with an expiration date, whereas trade secrets can remain the intellectual property of their holders in perpetuity. [10] KFC uses its Original Recipe as a means to differentiate its product from its competitors. [11]
A survey by the American Intellectual Property Law Association found that in 2022, the median cost of litigating a trade secret case with less than $1 million at stake was $750,000. (Cases that ...
Wonder Bread and Hostess cake lines were transferred to other plants within the Continental Baking company. In the early 1990s the formulas or recipes, intellectual property, as well as some hardware of Bost's Bread were sold to Waldensian Bakeries, owned by the Rostan family, longtime bakers of rival Sunbeam Bread.
It may include the acquisition of intellectual property, such as information on industrial manufacture, ideas, techniques and processes, recipes and formulas.
The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in most of the world's legal systems. [6] Supporters of intellectual property laws often describe their main purpose as encouraging the creation of a wide variety of intellectual ...
Trademark law protects a company's goodwill, and helps consumers easily identify the source of the things they purchase. In principle, trademark law, by preventing others from copying a source-identifying mark, reduces the customer's costs of shopping and making purchasing decisions, for it quickly and easily assures a potential customer that this