Intellectual property protection exists so creators have control over their work after they share it. Learn what's at stake and how to safeguard your intellectual property and your success.
What would you like to protect?
updated September 1, 2023 · 3min read
Trade secrets are protected intellectual property, and with appropriate protection, you can enforce a trade secret like you would a patent or copyright.
With business markets becoming more global every day, it's more critical that you know the importance of your intellectual property so it can be protected.
A trade secret can be a practice or process that gives your company a distinct advantage over your competition. It's important to understand that not all secrets are worthy of being designated a trade secret. According to the United States Patent and Trademark Office (USPTO), information is legally considered a trade secret if it meets these three criteria:
The formula for Classic Coke, which is locked away in a vault, is a famous trade secret. So is Google's search algorithm. But a trade secret designation can also extend to intellectual property like:
There are a few aspects you should understand as you consider types of protection.
Many people wonder if you can actually patent a trade secret. Here's what to consider: Under trade secret law, the definition of protectable information is very broad, but if you're considering patent protection, there are more limitations. For instance, you can't patent a client list. Some intellectual property owners choose to patent certain aspects of their invention while keeping other aspects a trade secret. How you protect your information depends on your business and analyzing each type of intellectual property protection's applicability and benefits.
At one time, cases of trade secret theft were limited to state courts. Then three pieces of legislation were enacted to strengthen the protection of trade secrets. And now, you can seek damages in federal court.
When it comes to trade secrets, here's the bottom line. Some competitors will find it easier and more profitable to steal your information than spend the time and money in research and development trying to develop their own. And some unscrupulous employees may be tempted to steal your intellectual property to sell it to the highest bidder. So you must take the necessary precautions to safeguard your valuable trade secrets to protect your business and your profits.
by Boni Peluso
Boni Peluso is an award-winning Creative Director and Content Strategist who has written extensively for the legal, h...
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