![]() Put simply, the culprits can go to prison for such theft. And in an effort to protect Unites States innovation, the Federal government passed the Economic Espionage Act of 1996 which makes it a federal crime to engage in theft of trade secrets. In today’s world it is the United States which complains vociferously about such theft occurring in such nations as China, Russia, Iran, Ukraine, etc. Germany invented Bayer Aspirin which was promptly stolen and marketed by American competitors. Other innovative nations faced the same problem. While we Americans like to think we were the innovators, during that century the British exceeded the United States in most technological innovation and to their dismay found that American companies would arrive in the market with nearly identical products, obviously stolen from the British owners…but with no United States court willing to protect the British product. Nowadays, it is high tech theft and entertainment media that is often the subject of the theft, but the complaints are the same. In those days it was machinery and railroad technology being stolen by Americans from British inventors and companies. ![]() That is a trade secret of tremendous value and one reason you will find similar products popping up on your screen the next time you enter that website…or, more troubling, many other websites.īack in the 19 th Century the British bitterly complained that United States courts would not protect them from trade secret piracy that was rampet in the United States. Each time you purchase a product or engage in a transaction the information as to your likes and economic capabilities are entered into a data base available for both the seller and for sale to other sellers. The needs and buying history of millions of customers is a business gold mine for the various internet companies which sell such information to their own customers at a tremendous profit. The formula for Coca Cola remains a closely guarded trade secret. ![]() Such theft is not only often difficult to prove but can involve seeking to enforce the claim abroad in jurisdictions that are either corrupt or inefficient and not inclined to protect property owned by a United States entity.Īmazon became a world leader by using a single patent to protect the “one click” method of purchase and spent a decade defending the ownership of that type of intellectual property in court. I call it my last twenty years of efforts.”Īnd like any asset, those business assets can be stolen, and such trade secret theft is a massive problem worldwide. As one experienced entrepreneur wrote to the writer, “What I really sell is my expertise and experience which developed unique products which do unique things. ![]() Intellectual property, ranging from technological innovations, to business methodology, formulas, and confidential customers lists, products, market analysis and demands can form the most valuable assets in a business. The modern business arena emphasizes the value of trade secrets as an essential part of most businesses. ![]()
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