Trade secrets may be recipes, client lists, software code, a prototype for a new invention, investment strategies, pricing information, or drawings/architectural plans.
The best way to protect trade secrets is to make sure you have:
- Employee agreements that include non-disclosure and non-compete clauses
- Language in your business policies pertaining to the protection of all trade secrets
- Passwords to protect trade secrets that are in an electronic format
- Locked up recipes, formulas and prototypes
Before you meet with potential investors, make sure they sign non-disclosure agreements and non-compete agreements.
Trade secrets give a business a competitive edge. The greatest threat to company trade secrets is internal employee theft.
Business owners need to make sure they have proper procedures in place to protect company secrets and protect their competitive edge in the marketplace.
The Marks Gray intellectual property team’s trade secrets attorneys help clients put proper protocol and procedures in place to protect vital information such as client lists, algorithms, and recipes.