You are probably familiar with patents, trade marks, designs and copyright as types of intellectual property – but do you know about trade secrets?
Trade secrets are valuable confidential information and can help you gain (and keep) your competitive edge over the rest of the market. The World Intellectual Property Office (WIPO) has just released a new Guide to Trade Secrets – here’s our overview of what’s in it (and why you should take a look at trade secrets in your business).
The strategic role of trade secrets in the innovation ecosystem and the world economy
Trade secrets should foster fair competition, enhance the efficiency of the innovation ecosystem and facilitate generation of commercially valuable information.
What is a “trade secret”?
A great example is the Coca-Cola recipe, which has been kept secret since 1891 (the Guide lists lots of different types of information that might be protected as trade secrets)
How to keep your trade secrets, well, secret. And how to manage them.
You need to protect your trade secrets against theft and leakage, and contamination with third parties’ trade secrets. Strategic exploitation of your trade secrets and their valuation can help you build value in your business.
Enforcement action you can take if someone steals your trade secret.
You can take litigious or non-litigious action when a trade secret has been misappropriated. Injunctions and monetary remedies can be available through the Courts.
Who owns trade secrets that arise during collaborative innovation?
It is important to set out in any collaboration or join venture agreement who will own all foreground IP rights, i.e. those that are created through the collaboration. This should include trade secrets as well as patents and know-how. Particularly if you are collaborating with a University.
Digital trade secrets – what are they and how can you identify them?
Trade secrets can also exist in digital objects. Similarly to digital copyright, timestamping and digital signatures are useful for identifying digital trade secrets as yours, so you can prove ownership, or copying, in the future.
You can read the WIPO Guide here: https://www.wipo.int/web-publications/wipo-guide-to-trade-secrets-and-innovation/en/index.html
If you would like further advice or support, please get in touch via our website here or email us at hello@two-ip.com
