#CocaCola ‘s recipe is one of the world best kept trade secrets. The company built a successful global brand based on it and competitors have fiercely hunted it. In 2007 two former CocaCola employees were sentenced to serve federal prison term for conspiring to steal and sell trade secrets to Pepsi. The economic value of trade secrets lies in the proprietary competitive advantage gained from use coupled with the exclusion of others from such use. The right to exclude others, however, comes from limited disclosure and reasonable efforts to maintain secrecy. For this reason it’s very important for business owners to identify which IP assets might be protected as trade secrets and establish an effective mechanism for such protection.