![]() ![]() The power and value of a trade secret lies in its ability to remain hidden, allowing the company to retain a strong position in the marketplace. Unlike patents, trademarks, or copyrights which are legal instruments governed by the force of domestic and international law, trade secrets rely on company-specific internal protocols for protection, many of which are backed by the force of law, but can often be more difficult to prosecute. ![]() The definition of a trade secret can vary across jurisdictions, but it commonly encompasses a range of confidential information that businesses need to keep hidden from competitors in order to maintain their viability in the marketplace. It is a valuable asset that shields unique aspects of a product or service, allowing a company, brand, or product to set itself apart from others in the market. What is a Trade Secret?Ī trade secret is a form of intellectual property characterized by confidential information that provides a competitive advantage to the company holding it. In this guide, I will explore the concept of trade secrets, look at examples of well-known trade secrets, discuss protective measures, and provide insights into trade secret litigation. Trade secret litigation may be avoided by implementing a robust regime of IP awareness and education throughout your company as part of an active IP-aligned business strategy. Trade secret litigation is a last line of defense against misappropriation, though such litigation is very costly and can take years to see through. In these cases, there may be legal remedies for damaged parties. In other instances, however, breaches like cyberattacks or contract violations can result in the outright theft of your trade secrets, putting your market position and your company’s viability at risk. In such cases, individuals who can recreate or replicate intellectual property or acquire information not properly protected are not in violation of any laws. It is worth noting that trade secrets may be lawfully obtained through processes such as reverse engineering, independent discovery, or inadvertent disclosure due to the holder’s failure to implement necessary protective measures. Failing to defend your trade secrets can leave a crucial piece of your valuable IP portfolio vulnerable to misappropriation and infringement. While many companies have come to understand the incredible value of their intellectual property, trade secrets are often considered niched assets whose value is often misunderstood. ![]()
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