Sigall argues that better protection procedures for trade secrets, the only form of IP which currently lacks comprehensive cover in law, is essential for start-ups whose ideas, business plans and even customer lists may constitute the only marketable value of a company that is just in the stage of consolidating.
‘A trade secret is unique among forms of intellectual property in how it is legally protected. While it is a federal crime to steal a trade secret, a business that has its trade secrets stolen must rely on state law to pursue a civil remedy. Owners of copyrights, patents, and trademarks can go to federal court to protect their property and seek damages when their property has been infringed, but trade secret owners do not have access to such a federal remedy.’