Protecting your trade secrets

We have talked about various types of intellectual property protection in previous blogs, but many business owners might not be aware that trade secrets could be a powerful tool in their IP arsenal. From Mrs. Field’s cookies to Listerine, many companies have turned trade secrets into powerful money-making tools.
Here’s what you should know about trade secrets:
What can be protected as a trade secret
Trade secrets aren’t limited to recipes and secret formulas. Think about the factors that are key to your company’s success: marketing strategy documents, client lists, vendor and supply chains, plans for a new product line and more. Protect any information that might give you a competitive advantage.
Obviously, it must be a secret
Mrs. Field’s doesn’t post its famous chocolate chip cookie recipe on its website. The company closely guards that information from outsiders, and you should do the same. Be cautious about where and how you share company information, and be sure your employees are aware of your secrecy policies.
Confidentiality agreements
Any employee or individual who might have access to trade secret information should be required to sign a confidentiality agreement that prevents them from disclosing that information to anyone.
Protect your files
Keep printed trade secrets under lock and key, and password protect any electronic documents containing trade secrets. In addition, mark these files (in the footer and title page, for example) as confidential. Limit access to only essential personnel.
To learn more about protecting your trade secrets and other intellectual property assets, contact EmergeCounsel today. We can provide you with experienced IP legal advice and help you draft the necessary documents to protect your business.