“The biggest mantra is: never share your secret with anybody. It will destroy you.”- Chanakya
☃ In the realm of Intellectual Property Rights (IPR), this rings true, especially when it comes to Trade Secrets.
☃What exactly are trade secrets? They’re any type of confidential business information that gives a company a competitive edge. Unlike patents, trade secrets are safeguarded without registration, lasting indefinitely.
☃For SMEs, this form of protection can be particularly appealing, but it comes with conditions. The information must be truly secret, and have commercial value, and the rightful holder must take reasonable steps to keep it that way.
☃Consider #Google‘s journey – from a humble garage startup to a global powerhouse. Instead of patenting its search algorithm in 1998, #Google chose to keep it as a trade secret. This decision has been pivotal in maintaining its competitive edge even after 20 years.
So, before rushing to patent your innovations, consider the power of trade secrets. #IPR#TradeSecrets#InnovationProtection#BusinessStrategy
[Reference: World Intellectual Property Organization – WIPO]