What is the concept of “trade secrets” and how can they be protected against unfair competition?

Unfair competition law is designed to protect businesses from competitors using unscrupulous or unethical practices to gain an advantage. Trade secrets are information, such as a formula, pattern, process, or program, which a business holds and does not share; this information can give the business an advantage over others in the market. Trade secrets must be something that is unknown to the public, valuable to the owner of the secret, and something that the owner takes steps to protect in order to keep it secret. In order to protect trade secrets from unfair competition, the owner must take steps to keep the information secret. This might include, locking up papers and secure electronic files, having employees with access to the trade secret sign a non-disclosure agreement, and limiting access to the information to only a few employees. In Hawaii, a business may also seek to protect trade secrets from unfair competition by using the state’s Uniform Trade Secrets Act. The Act allows for the owner of a trade secret to seek legal damages from someone who misappropriates the secret for personal gain. Misappropriations can include obtaining a trade secret through theft, bribery, or misuse of the trade secret owner’s confidential information. In summary, trade secrets are information that businesses may keep secret in order to gain an advantage. In order to protect trade secrets from unfair competition in Hawaii, the owner must take steps to keep the information confidential, and may also take legal action under the Uniform Trade Secrets Act.

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What is the concept of “trade secrets” and how can they be protected against unfair competition?

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