A trade secret is any formula, recipe, pattern, plan, device, or any information used in conducting business which provides a competitive advantage over those who do not know it.

Trade secrets should be backed with signed confidentiality agreements obtained from every person who has knowledge of the secret to provide further protection through the law.

A confidentiality agreement is a formal document created to legally stop people from revealing secrets or proprietary knowledge during or after their employment or involvement with a business or with trade secrets owned by others.

For more information go to IP Australia

What's next...

• Do your market research before commercialising your product.
• Hiring a patent or trade mark lawyer