For a number of businesses, their success can be attributed to a trade secret. Trade secrets are kept confidential to ensure that their contents are not leaked to the general public. If a trade secret is exposed, it could have a direct impact on your business as a competitor may attempt to produce a similar product. This can be detrimental to a business. It’s important that you take measures to protect any trade secrets you own. Sometimes, people aren’t even aware that they are in possession of something so exclusive. It’s important to speak with an attorney as soon as possible to ensure that you have the proper protections in place for your trade secret.
A trade secret is information that a business keeps private and does not share with the general public. Regardless of whether your business is large or small, you will want to make sure that your trade secrets are properly protected. Businesses take a variety of measure to ensure that their competitors do not learn of a trade secret. A trade secret can be anything, A few famous examples of trade secrets include:
- NY Times Best Seller List
- The Secret Ingredient to KFC’s Fried Chicken
- Coca Cola
- The algorithm for Google’s search engine
There are a plethora of products that are protected by trade secrets. The first step to protecting a trade secret is identifying that you have one. Working with an attorney will be beneficial in ensuring that you have taken the right steps to protecting information about your business that you would like kept private.
Protecting Your Trade Secret
As a business owner in possession of a trade secret that you rely on for the success of your company, you will want to ensure that you have taken measures to protect it. An attorney can help you draft policies within your company to protect your trade secrets from falling into the wrong hands. There are a number of ways that an attorney may advise you to protect your trade secret, for example:
- Making sure that you keep trade secrets locked away
- Having security in place during off hours if necessary
- Limiting the number of people with access to trade secrets
- Requiring employees to sign non-disclosure agreements
- Requiring employees to sign Non-Compete Agreements
- Utilizing proper IT security measures
It’s likely that the success of your business is vital to your livelihood. Protect one of the most valuable assets to your company by consulting with an attorney.
Legal Action if Someone Steals a Trade Secret
In a world where people have access to a wealth of information through the Internet, a trade secret can make you feel vulnerable. For a number of companies, their success hinges entirely upon their trade secrets. Understanding your first steps in taking legal action will be important if you find that someone has stolen a trade secret. In order to obtain legal protection, it’s vital that:
- The trade secret is a secret
- There are measures in place to keep the trade secret confidential
- Gives your business a competitive edge over competitors
Ensuring the above can help you in the event that you must take legal action against someone who has stolen a trade secret owned by your company.
If you are a business owner looking to protect a product that you developed or possess ownership of, contact a business lawyer Melbourne, FL trusts today. The last thing you want is to enter the business world without any legal protections surrounding something you have ownership over.
Thank you to our friends and contributors at Arcadier & Associates for their insight into business law.