Trade Secret Protection
Intellectual property protection allows inventors, creators and companies to profit from their ideas and material works. In some cases, the ability to benefit from the intellectual property is directly linked to the property’s privacy. In these cases, trade secret protection is necessary. The Registered Patent Attorneys at Peacock Myers, P.C. in Albuquerque, NM can help your company acquire trade secret protection as well as provide the corporate services needed for internal control.
What Are Trade Secrets?
In order to be considered for trade secret protection, intellectual property must fulfill three basic criteria:
- The information is generally not known to the public
- The privacy of the information is essential to the holder’s ability to realize an economic benefit/competitive advantage
- The holder has made reasonable efforts to maintain the privacy of the information
Intellectual property most commonly subject to trade secret protection includes:
- Source code
- Customer lists
- Supplier lists
- Business information
Trade Secret vs. Patent Protection
The intellectual property that falls under trade secret jurisdiction may also be protected by patents, and both types of IP protections are granted by the United State Patent and Trademark Office (USPTO). However, trade secret protection may be necessary or preferred over patent protection:
If non-disclosure of the intellectual property is integral to the holder’s ability to benefit from it
Patent prosecution requires that intellectual property be fully disclosed, and all information becomes a matter of public record once the patent is issued. Applying for trade secret protection allows the intellectual property to remain classified.
If the holder wishes to protect the intellectual property more than 20 years
Patents expire 20 years after issue. Trade secret protection has no time limit.
In the event of patent infringement, patent holders may seek restitution through litigation. If trade secrets are violated or a competitor is able to reverse engineer a process or formula, there is little legal recourse available for the trade secret holder.
Full-Service Intellectual Property Firm
While the USPTO may grant trade secret protection, safeguarding confidential intellectual property requires protection from internal leaks. Peacock Myers, P.C. provides corporate services that involve developing non-compete agreements and non-disclosure agreements to restrict employees, vendors, etc. from taking your trade secrets to your competitors.
Contact Peacock Myers, P.C. to develop an intellectual property protection strategy and build a comprehensive IP portfolio.
If confidentiality is essential to benefiting from your intellectual property, you need trade secret protection that includes internal control.
Call 877-998-1506 to speak to a Registered Patent Attorney about your IP options.
New Mexico’s Largest Intellectual Property Firm