Trade secrets can often be used to protect company knowledge and invention in instances where patent protection is either not desirable or available. For example, when trade secrets are viewed as an alternative to patent protection they are commonly invoked in instances where the 20 year life of a patent isn’t deemed to be sufficient, or where the knowledge should never be made public (cf. the famous Coca-Cola recipe).


As the knowledge-based economy expands, the companies and individuals that possess intangible intellectual assets, such as intellectual property, will need specialized expertise, strategic thinking, legal experience, and the wisdom necessary to manage intellectual assets.