If you thought there was a rivalry between CVS and Walgreen’s, you would be right. The competing drug store companies are the two largest in the United States, and it seems as if the two are always looking to gain a competitive advantage over the other.
Over time, intellectual property law has grown to offer degrees of protection to a variety of ideas, presentations and products that are considered proprietary to their owners. At the heart of trademark law is the idea that, in a competitive marketplace, it's not enough simply to provide goods and services that are in some way superior to those of competitor; you must also help your clientele find and remember you. Otherwise, how will your customers know you're better?
If you are pursuing a lawsuit for damages for trademark infringement, you may not be thinking about how the culprit company will be paying a judgment in the event you are successful at trial. After all, a substantial jury award may not just cripple a company, it could destroy it; essentially putting it out of business.
If you are getting ready to put a product out on the open market, there is likely a great deal of work that has been expended in designing it, thinking about how to market it, and how to price it in order to maximize consumer appeal. The last thing you want to do is to leave it open to be exploited and copied. This could significantly diminish the value of your work and even lead to your product failing in the face of imposters.
For many businesses, trade secrets are what make their products or services unique; and thus make the company valuable. However, the question of what constitutes a trade secret, as well as what can be done to protect them, can be subject to debate. With that, we offer this post to give a brief definition of what a trade secret is, and to highlight some basic steps in protecting such secrets.