Here’s What Your Company Needs to know and Do about Trade Secrets.

Trade secrets are inventions and methods that have value to your company and that would lose value if they were disclosed to your competitors.

 

Did you know there is a good chance every company has some trade secret information?  Records about each customer’s point of contact and the customer’s product order history could be trade secret info.

 

Your company may have developed an elegant process for manufacturing electronic devices that reduces the required time and materials by 20% from the industry standards for producing comparable devices. Such a process would almost certainly qualify as a trade secret.

 

Here’s a summary of what each company needs to do regarding Trade Secrets:

  • Figure out what your trade secrets are.
  • Label and lock up your trade secrets.
  • Use physical and electronic security measures that are reasonable for the trade secrets you need to protect.
  • Train your people about security in general and trade secrets in particular.
  • Don’t call publicly available information a trade secret.
  • Do have a policy about employee use of company information and other property.
  • Do have a Social Media policy.

You must do these things or forget about suing or prosecuting employees for theft of your company’s trade secrets.

 

www.innovacounsel.com


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