Theft of Intellectual Property and Trade Secrets
The theft of intellectual property has been on the rise as the growth of information and technology grows. Trade secrets are a source of a company’s competitive advantage, and the theft of such knowledge implies that other people out there can use the trade secrets and the information that a given business has worked so hard to build. For instance, coca cola uses a secret ingredient to make coke, and it has kept this ingredient a secret for years (Kratcoski & Edelbacher, 2018).
The theft of intellectual property has been on the rise as the growth of information and technology grows. Trade secrets are a source of a company’s competitive advantage, and the theft of such knowledge implies that other people out there can use the trade secrets and the information that a given business has worked so hard to build. For instance, coca cola uses a secret ingredient to make coke, and it has kept this ingredient a secret for years (Kratcoski & Edelbacher, 2018).
If some people discovered the secret of making sodas, and specifically coke, the advantage and market dominance that coke has will be watered down, and the person who steals such information might start his or her own beverage making company, thereby reaping benefits that he or she did not sow. Therefore, theft of intellectual property such as trade secrets is a problem because it puts one person at a disadvantage while putting another at an undue advantage. The way I can protect myself from this fraud will be determined by whether I am a consumer or a manufacturer.
As a consumer, I can shield myself by ensuring that I observe the respective patents, trademarks, symbols and not using beyond what they have been designed. As a manufacturer, I can protect myself from this kind of fraud by ensuring that I secure the necessary protection depending with the innovation, patent, trademark and copyright with the united states patent and trademark office such that I will take legal action on someone who steals the intellectual property (Kratcoski & Edelbacher, 2018). In the case of a trade secret, I would protect myself by ensuring that employees who join the organization sign a confidential clause to ensure that whatever is done in Rome remains in Rome.
