ABSTRACT
Trade secrets are in the simplest of terms, secrets. A trade secret is an essential form of intellectual property whose economic value is contingent upon remaining secret. A very common example of this is the formula for Coca-Cola. This is a highly recognized trade secret. The use of trade secrets has been seen in many other businesses. Virtually all businesses rely on their unique and often invisible trade secrets-manufacturing processes, technologies, formulas, prototypes, computer codes, techniques and other proprietary innovations. A majority of start-ups and small businesses are built from the ground up on their trade secrets. Although trade secrets seem to be of value on paper, there are few who argue that they add no value. These arguments are backed by claims that trade secrets are parasitic, claims that ‘there is no law of trade secrets’. The basis for these claims is that trade secret misappropriation relies for the most part on wrongdoing that is independent of any ‘trade secret law’, relying instead, for example, on a breach of contract or trespass claim. For this reason, it has been termed as an endangered species of intellectual property. This paper seeks to make an assessment of these arguments and come up with a response. This will be by first highlighting the concept behind trade secrets and whether it has had an impact on economic growth.
Bett, Rickcard, The Concept of Trade Secrets and its Effect on Economic Growth (November 21, 2022).
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