1 00:00:05,999 --> 00:00:09,416 (steady classical music) 2 00:00:12,909 --> 00:00:15,637 As someone who works in the intellectual property field, 3 00:00:15,637 --> 00:00:18,197 you understand better than most the important role 4 00:00:18,197 --> 00:00:21,189 that intellectual property plays for businesses 5 00:00:21,189 --> 00:00:23,539 and the economy as a whole. 6 00:00:23,539 --> 00:00:26,659 Many are familiar with patents, trademarks, and copyrights, 7 00:00:26,659 --> 00:00:28,957 but what about trade secrets? 8 00:00:28,957 --> 00:00:31,837 A trade secret can be anything from a special recipe 9 00:00:31,837 --> 00:00:35,956 to a manufacturing process to a particular technology. 10 00:00:35,956 --> 00:00:37,917 Trade secrets can play a big role 11 00:00:37,917 --> 00:00:41,396 in a business' financial health and competitiveness. 12 00:00:41,396 --> 00:00:43,328 Trade secrets foster innovation 13 00:00:43,328 --> 00:00:45,448 and provide competitive advantages, 14 00:00:45,448 --> 00:00:48,568 but what exactly is a trade secret? 15 00:00:48,568 --> 00:00:51,568 Trade secret law is governed by national legal systems, 16 00:00:51,568 --> 00:00:53,989 but the definitions for trade secret generally 17 00:00:53,989 --> 00:00:56,717 share these three common elements. 18 00:00:56,717 --> 00:00:59,925 First, a trade secret is information that has value 19 00:00:59,925 --> 00:01:02,709 by virtue of not being generally known. 20 00:01:02,709 --> 00:01:06,457 Like a recipe for the best chocolate chip cookie ever made. 21 00:01:06,457 --> 00:01:09,469 Second, the information has value to others 22 00:01:09,469 --> 00:01:12,597 who cannot legitimately obtain the information, 23 00:01:12,597 --> 00:01:15,789 like a business's competitors wanting the exact ingredients 24 00:01:15,789 --> 00:01:18,648 and their measures in that cookie mix. 25 00:01:18,648 --> 00:01:22,077 Third, the information is subject to reasonable efforts 26 00:01:22,077 --> 00:01:24,317 to maintain its secrecy. 27 00:01:24,317 --> 00:01:27,389 The owner of the recipe puts security measures in place 28 00:01:27,389 --> 00:01:31,619 to make sure not just anyone can get their hands on it. 29 00:01:31,619 --> 00:01:34,377 A trade secret can be almost anything, 30 00:01:34,377 --> 00:01:37,859 chemical formulas or food recipes, product designs, 31 00:01:37,859 --> 00:01:40,726 customer and contact lists, pricing schedules, 32 00:01:40,726 --> 00:01:43,589 manufacturing techniques, and marketing strategies, 33 00:01:43,589 --> 00:01:45,127 just for starters. 34 00:01:45,127 --> 00:01:47,366 And while it's easy to understand the importance 35 00:01:47,366 --> 00:01:50,229 of a trade secret, underlying big name brand products 36 00:01:50,229 --> 00:01:53,347 or services, trade secrets come in all sizes 37 00:01:53,347 --> 00:01:56,389 and are important to companies of all sizes. 38 00:01:56,389 --> 00:01:58,869 The failure to identify and protect trade secrets 39 00:01:58,869 --> 00:02:01,596 can result in a loss of competitive advantage, 40 00:02:01,596 --> 00:02:03,797 loss of core business technologies, 41 00:02:03,797 --> 00:02:06,128 and reduced profitability. 42 00:02:06,128 --> 00:02:08,459 In many countries, the importance of trade secrets 43 00:02:08,459 --> 00:02:11,287 is reflected in laws and regulations that protect 44 00:02:11,287 --> 00:02:14,708 against trade secret theft because of the impact it can have 45 00:02:14,708 --> 00:02:17,947 on the economic vitality of businesses. 46 00:02:17,947 --> 00:02:20,459 Patents protect things like new inventions 47 00:02:20,459 --> 00:02:22,327 or innovative methods. 48 00:02:22,327 --> 00:02:25,476 Trademarks protect things like logos and branding. 49 00:02:25,476 --> 00:02:28,157 Trade secret laws protect much of the information 50 00:02:28,157 --> 00:02:31,437 that makes a business or service truly unique. 51 00:02:31,437 --> 00:02:33,607 But in order to gain this protection, 52 00:02:33,607 --> 00:02:35,509 it is the business' responsibility 53 00:02:35,509 --> 00:02:39,139 to identify and secure their own trade secrets. 54 00:02:39,139 --> 00:02:42,168 There's a lot more to learn about trade secrets, 55 00:02:42,168 --> 00:02:43,789 such as governing law, 56 00:02:43,789 --> 00:02:46,429 what it means to misappropriate another's trade secret, 57 00:02:46,429 --> 00:02:49,477 and what to do when a trade secret is stolen. 58 00:02:49,477 --> 00:02:51,908 If you would like to know more about trade secrets, 59 00:02:51,908 --> 00:02:54,979 the USPTO's Office of Policy and International Affairs 60 00:02:54,979 --> 00:02:58,417 offers in-person training programs on various topics 61 00:02:58,417 --> 00:03:00,869 related to trade secrets. 62 00:03:00,869 --> 00:03:02,869 The Global Intellectual Property Academy 63 00:03:02,869 --> 00:03:05,736 will be releasing a series of distance learning modules 64 00:03:05,736 --> 00:03:09,307 devoted to in-depth training on trade secrets. 65 00:03:09,307 --> 00:03:11,720 These distance learning modules will be accessible 66 00:03:11,720 --> 00:03:14,739 to you and your staff so that you can better understand 67 00:03:14,739 --> 00:03:16,467 and use trade secret law 68 00:03:16,467 --> 00:03:20,217 in your intellectual property administration.