Protecting your company’s trade secrets could be the difference between being a one-of-a-kind business or one with many copy cats. Trade secrets can be anything from a method to make a product to a recipe that has been passed down for generations. Protecting that trade secret is vital to the company’s continued success.
The Uniform Trade Secrets Act has been adopted by most states. This act protects and defines trade secrets. Generally speaking, a trade secret is defined as an asset that has independent economic value because it is not generally known and can be kept a secret. Essentially, almost any information that gives your company a competitive edge could be considered to be a trade secret.
How can you better protect your company’s trade secrets? Start by securing them. If they’re written down, consider keeping them in a safe. If they’re on a digital server, consider limiting access to the files by using passwords and closed networks.
If your company offers tours, keep tours away from areas where you store trade secrets. Maintain secrecy among your vendors, and make sure employees know how important it is to keep any information they have a secret. You should also have employee training about the importance of trade secrets and contracts that restrict the employee’s ability to speak about your products and how they’re made to others.
Trade secrets are often unique, one-of-a-kind products. Don’t let yours get into the wrong hands. If they do, you may need to file a lawsuit to stop the other party from using your secrets to make a profit. Our site has more on the importance of trade secrets.