MEM Concessions LLC is a business that hires a lot of staff and must ensure that its policies and secrets are kept.
A trade secret which is also known as intellectual property is defined as any method, formula, process or device which can give a business a unique selling point (USP) and thus advantage over another business. Therefore, this USP could be the bread and butter of your business and without it or if it was leaked your business may be worthless, as other people can copy your products.
Trade secrets, therefore can be related to software algorithms, inventions, designs, recipes or ingredients, devices and much, much more. Here are some famous examples of trade secrets we might like to be shared.
- For any digital marketer or SEO company, a simplistic explanation of the algorithms used by Google would be a dream come true. Follow this with an explanation of changes as and when they are made and life, for them, would be complete.
- The recipe for Kentucky Fried Chicken, which were originally only held in Colonel Sanders Head are now written down, not typed, and they are allegedly held in a safe in Kentucky. Employees who are let into the secret of the recipe are then sworn to secrecy and must sign a confidentiality agreement. Two companies actually blend the herbs and spices again so that secrecy of the full recipe is preserved.
- Coca-Cola is another one, we are all aware that cheaper brand and own brand colas just never taste the same, not as good in my opinion so what is their secret ingredient. We know it is no longer cocaine as it was originally. Again it is mythically believed that only two people know the recipe and only two people know the combination to the safe where it is stored. There is no online presence of the recipe as the Coca-Cola company fear that they would be hacked for the recipe.
- WD40 which was originally invented to stop corrosion has never been patented so if someone were to work out the exact ingredients and formula. The formula is mixed up in three cities around the world and the full ingredient list is kept in a bank vault. On the 50th anniversary celebrations the chemical formula was taken from the vault. The CEO rode with it on horseback whilst wearing armor.
- McDonalds Big Mac Special sauce, this is the one that I would love to know. No matter which burger sauce you buy you can never quite create this taste. The special sauce recipe actually got lost in the eighties! Fortunately, it was retrievable from the original company and is now held safely on record.
So, when you have come up with your fantastic creation, you must make sure that you protect it so that it will only be used for your benefit or the benefit of those that you allow to use it. Stealing someone’s intellectual property feels like a costly crime and also one that makes you feel violated, for that idea belonged to you.