EXPLORING TRADE SECRETS AS FORM OF INTELLECTUAL PROPERTY FOR SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) IN NIGERIA

Abstract

Intellectual property is of considerable value to businesses and is considered to be of economic importance to the growth and value of any economy considering the shift to knowledge-based economy. Focus has however been put on intellectual property in large businesses and the value of intellectual property owned by small businesses has been largely overlooked and under estimated. In addition, much attention has always been given to the well-known intellectual property rights such as patents, copyright and trademarks while the value of trade secrets to the running of a successful SMEs are usually underrated. The paper aims to show the value of trade secrets to SMEs and how they may be protected by the adoption of adequate trade secrets protection strategies. A review of the legal framework relating to the protection of intellectual property and case law is carried out as well as a content analysis of relevant literature. The study found that some trade secrets are owned by many SMEs but the firms need to take steps to maintain the confidentiality of the secrets. The study therefore highlights the various ways in which this may be achieved with a view towards improving its effective use by SMEs. The study concluded that the protection of trade secrets, especially to small businesses is vital given the rapid increase in the use of technology that can easily disseminate information and the easy mobility of employees that are experienced in SMEs.