The Importance of Intellectual Property – Find a Trade Secrets Expert

The Value of Intellectual Property
Your intellectual property is the reason why your business has a unique identity, product or service. It is one of the main reasons why you are able to keep your clients and customers – because no one can replicate what you do the exact same way.You can also use your intellectual property to gain direct revenue by licensing it to another party or selling it altogether. This is another important aspect that makes your intellectual property valuable. It also gives you a unique angle for your marketing or advertising campaigns, and last but not least, it can also be used as a security in case you are applying for loans.

Trade Secrets – Protect Them
Trade secrets are an important part of your company’s intellectual property. How would you define a trade secret? Every industry, every business has a method or a piece of information that is integral to the manufacturing of its products or designing of its services. If this trade secret were to fall into the hands of a competing company, the aforementioned products or services would no longer be exclusive. Trade secrets allow companies to hold a competitive edge and drive customers to their products (which results in a higher revenue stream). Learn to identify what constitutes your trade secrets. They can be profiles and avatars of customers or processes that are used in manufacturing or distribution logistics.

They can also be certain parameters or methods that are utilized during sales and marketing. Information like customer or client lists can also be included under the trade secrets umbrella.Imagine waking up one day to realize that the product that you have spent so much time and resources in building has been replicated by someone else through unscrupulous means?

This is a harsh scenario that can happen to you if you are not able to protect your trade secrets using best practices and the machinations given to you by the law of the land.

Best Practices to Protect Trade Secrets
There are certain things that you can ensure from your end to prevent trade secrets from spilling out into the wrong hands. Access is an obvious but surprisingly overlooked aspect of trade secret protection. With most communication and data storage being done digitally, keeping access to important information controlled has become a more complex task than just locking things up. A stray email or a recklessly shared password can lead to leakage of information.

Your file storage practices should also incorporate confidentiality markers and labels. When bringing new employees on board, you need to have robust paperwork that protects your trade secrets. This can be facilitated by well-drafted confidentiality or non-disclosure agreements.

Disposing of confidential information should also be done properly – shred your paperwork and dispose of it in different batches. Ensure that digital information that is going to be deleted permanently does not have copies.

Experts in Trade Secrets
If you feel that your trade secrets have been compromised, or your business is facing a situation where someone has illegally procured your information, then do not hesitate to find an expert to consult with. Hiring a trade secrets expert should be a priority. Experts are familiar with the legislation that surrounds trade secrets. They are also familiar with multiple situations and are armed with better foresight because of their expertise.

A specialist will be able to quantify the loss and damages that a trade secret infringement has and will cost you. This helps prepare a strong case on your behalf. You can claim compensatory damages and exemplary damages with the help of a consultant who specializes in trade secrets protection. Armed with all the information you need, you can then get in touch with a lawyer and decide the next course of action.

As an example, two of the legal bases on which you can present a trade secrets case as ‘breach of contract’, and ‘unlawful competition’.Trade secrets are a serious affair. Conflicts regarding intellectual property are as old as the concept of trade itself and can be found at all levels of all industries. Keep yourself informed and protected by following the best practices and staying in touch with the right experts.

Other News