You've spent decades building a successful business. During this process, you've acquired numerous tricks of the trade, amassed extensive client and customer contact lists, invented new ways of doing things more efficiently and developed proprietary technologies that help you keep your customers happy. These are your "trade secrets," and you need to protect them if you want to stay competitive in your industry.
In the latest international news, it has been shown that the United States has charged Chinese companies in relation to the theft of trade secrets. The Nov. 5 report describes the United States formally charging both China and Taiwan along with three individuals were allegedly stealing trade secrets from a semiconductor company in the United States.
Here's an interesting story about a second scientist who has pleaded guilty to stealing trade secrets from GlaxoSmithKline. This was the second former scientist who had worked for the company to appear in court and plead guilty to stealing the company's secrets to help benefit a pharmaceutical company based in China that they had been a part in establishing.
When a person leaves your company, even if that person is you, the founder, there are rules in place that prevent trade secrets from being used to harm the company. Chief executive officers (CEOs) often believe that they're immune from these rules, but there is a possibility that you could be accused of stealing your own trade secrets if you're fired from your company.
You have trade secrets that make your company what it is today. You've hired plenty of employees over the years, but for the most part, they were not privy to the vital workings of your business.
A trade secret includes things such as programs, devices, methods, processes, formulas, patterns and techniques. To meet the definition, you need to use the secret in business and have an economic advantage over your competition because of it.
An East Hartford manufacturer who previously won a trade-secret judgment seen as one of the largest in the industry is now looking to do so again with its latest case.
A trade secret is any confidential information relating to your business that gives your business an edge on competition. For example, if you have a specific process for developing products at a low cost, you wouldn't want your competitors to discover that. If your competitors did, then you would again have to compete with others who could sell similar items at the same price point.
Dell EMC former employees are being accused of violating their employment contract by stealing trade secrets before beginning new employment with Rubrik. Rubrick and EMC are competing companies, both in the data protection business.
Trade secrets have commercial value. Laws regarding trade secrets can be abstruse, often needing clarification. That is why there is a Uniform Trade Secrets Act (UTSA), which attempts to clarify the rights for those with trade secrets they wish to protect.