SafeGuard
You might not think you have trade secrets, but most start-ups and company founders do. It’s vitally important to identify and protect them - SafeGuard is a great place to start.
Why Protect Your Trade Secrets?
Trade secrets form part of your intellectual property portfolio, add to the value of your business and impact your commercial and financial success.
You don't need to be Coca-Cola or KFC to have trade secrets. In fact, many businesses have trade secrets without realising. Just as with your patents, trade marks and designs, they must be protected to ensure your company's longevity.
Why is there increased risk around trade secrets?
- Trade secret laws. With laws changing, loopholes are likely to be exposed. Trade secret litigation is increasing year-on-year, showing the real need to be well protected.
- The regulatory environment. Legal reforms are challenging the efficacy of other forms of IP. All over the world, tax authorities are taking a greater interest in companies' intangible assets, including trade secrets.
- Changing trading environment. There's now greater emphasis on innovation and outsourcing. Some businesses in certain sectors seem determined to disrupt or even start trade wars.
- Other factors can put trade secrets at risk including higher staff turnover, increased data security risks and changing working environments following the pandemic.
With the need to proactively protect trade secrets never greater, we can help you identify them and keep them safe. Studies show that they are often overlooked in IP audits, which is where SafeGuard comes in.
Step 1: Trade secrets audit and education
- A trade secrets review or 'deep dive' into your business to identify your team's awareness and knowledge of IP, trade secrets and compliance issues.
- At least one interview with a key stakeholder in the business to determine your objectives.
- Delivery of educational material to your team, including a detailed presentation to senior management.
- Detailed report identifying the key issues and setting out a long-term trade secrets protection action plan.
- Fixed price – no hidden extras.
Step 2: Trade secret action plan implementation
- Developing and implementing a bespoke trade secrets compliance policy to sit within your overall IP strategy.
- Reviewing and, if necessary, amending any relevant legal agreements.
- Reviewing your employment and supplier/contractor contracts to ensure trade secrets are protected.
- Implementing a secure trade secret registry.
- Advising you on other third-party services, such as specialist insurance.
Step 3: Trade secret monitoring and compliance
- Regular review meetings to make sure you’re managing your trade secrets protection plan effectively.
- Proactively monitoring all potential sources of risk.
And if your trade secrets are lost or stolen, we’ll instantly be on hand to assist you.
FAQs About Trade Secrets
What is a trade secret?
A trade secret is confidential information that gives a company a competitive advantage. Trade secrets are an important part of any company’s intellectual property assets. They may even be the crown jewels of your IP portfolio – you just might not know it yet.
What is not a trade secret?
- Anything that is common knowledge within your industry.
- Confidential information you haven’t been protecting, for example through employee non-disclosure agreements.
- Anything that doesn’t have commercial value.
Do I need a trade secret or patent?
It depends on what you are protecting. A trade secret can protect confidential information forever. A patent protects something that is not a secret, typically for around 20 years. The information will be in the public domain and accessible to your competitors. An IP audit can help you ascertain what you have and how best to keep it safe.
Is a trade secret protected under UK or EU law?
Yes. Within the EU, trade secrets come under the EU Trade Secrets Directive (2016/244/EU). This directive was also implemented into UK law and remains in force following Brexit.
What if my trade secrets are lost or stolen?
If your trade secrets are compromised in any way, our experts will be on hand to advise you on next steps.
