What Are Trade Secrets and Why Are They Important?
DEFINITION
A Trade Secret is commercial or technical information that is held as a secret, has commercial value and for which reasonable steps have been taken to retain it as a secret.
YOU HAVE TRADE SECRETS
Trade Secrets cover a lot of valuable information in your business, you already know what they are, you just need to make sure you have taken the steps to list them and protect them as trade secrets.
WHY IDENTIFY AND PROTECT TRADE SECRETS?
Because otherwise they will leak and you will have no recourse.
LEGAL DEFINITION
According to the UK Trade Secret Regulations (2018), a “trade secret” means information which:
1. is secret in the sense that it is not, as a body or in the precise configuration and assembly of its components, generally known among, or readily accessible to, persons within the circles that normally deal with the kind of information in question;
2. has commercial value because it is secret; and
3. has been subject to reasonable steps under the circumstances, by the person lawfully in control of the information, to keep it secret
CRIMINAL LAW
The UK introduced criminal trade secret law in mid-2023, for specific trade secret theft

I am John Pryor, making IP accessible and valuable for your business.
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JOHN PRYOR: I am John Pryor, I am a strategy consultant focussed on intellectual property and dedicated to helping people and business to make the best use of all available IP to compete and win in the marketplace.
My aim is to increase people’s understanding of Intellectual Property, so that they can successfully and cost effectively use it in their business, to help achieve a higher valuation.
Book: The Innovation Handbook, 2nd Edition 2010. chapter: How to maximize the value of your intellectual property.
ABOUT MY YOUTUBE VIDEOS: In these videos I explain some of the most important aspects of intellectual property in ways that make it relevant and accessible to business people.
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