Do you believe your business has no secrets to protect? Many entrepreneurs think the same thing, but you probably have more trade secrets than you realize.
From unique formulas to customer lists, valuable intellectual assets qualify as trade secrets, even those that lack formal patents or trademarks. Unlike those, however, business trade secrets lose their value and power if revealed.
How do you keep them safe?
First, understand trade secrets. They consist of confidential information (unknown to the public) with economic value that gives companies an edge over competitors. Two examples of famous trade secrets are Coca-Cola’s recipe and Google’s search algorithm.
Now, you are ready to erect a fortress for your business secrets.
- Lock it down: Encrypt sensitive digital files and restrict who can open them, as not all employees need to access all information.
- NDA fortifications: Use thoughtfully drafted non-disclosure agreements (NDAs) with all who can access your secrets.
- Policy power: Create a clear trade secret policy outlining confidentiality expectations for everyone in your company.
- Physical barriers: Store confidential information in locked cabinets or rooms and limit access to computers containing trade secrets.
- Be vigilant: Since even sturdy barriers can be breached, regularly review access permissions and update NDAs to address weaknesses.
If someone steals your secrets and you seek a legal remedy, your efforts to protect them can influence legal rulings. That’s another reason to secure them properly.
Protecting intellectual property, including invaluable trade secrets, requires business and legal knowledge. Guidance from someone who understands the nuances of running a business in Georgia can help you keep all your business’s intellectual property safe.