Many European SMEs are thinking about bringing their technology to South-East Asia, but are concerned about IP issues. In today’s blog post, we discuss another IP protection measure – namely trade secrets. Trade secrets are a valuable but often overlooked means of IP protection that SMEs wishing to bring their technology to South-East Asia should be aware of, as good trade secret protection can be the key to successfully bringing your technology to South-East Asia.
What are Trade Secrets?
Trade secrets are a highly valuable form of intellectual property that nearly all businesses in all industries and sectors possess. However, they are frequently overlooked by businesses, partly because there is confusion about what actually constitutes a trade secret. So what is a trade secret?
According to the World Intellectual Property Organization (WIPO), any confidential business information that is of considerable commercial value to businesses and that provides an enterprise with a competitive edge may be considered a trade secret. In practice, this could be:
- sales methods
- distribution methods
- consumer profiles
- advertising plans
- pricing strategies
- lists of suppliers and clients
- manufacturing processes
In other words, more often than not trade secrets are the ‘know-how’ that a business builds up over time. Typically, the longer the SME is in business the more valuable its trade secrets will become, and the more its business grows the more its competitors will seek to discover this valuable working knowledge. Therefore, it is increasingly important to take steps to protect trade secrets.
Unlike some other forms of IP rights, such as patents and copyrights that have a finite term, trade secrets can theoretically enjoy an infinite term of protection, so long as the trade secret remains just that – a secret. Furthermore, to be enforceable by law it is generally required that as well as not being known to the public and providing economic benefits to the holder, the secret should be subjected to reasonable efforts to protect it (and there should be evidence of these efforts). Continue reading “Handling of your Trade Secrets in South-East Asia” »