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Why should you protect your trade secrets?

On Behalf of | Dec 7, 2022 | Business & Commercial Law

Trade secrets are of crucial importance in the business world, which is often over-saturated. It takes a lot to stand out above the crowd.

You are likely doing well because you bring something unique to the industry, and trade secrets help you keep that competitive edge.

Identifying and storing trade secrets

The World Intellectual Property Organization (WIPO) discusses trade secrets and their place in a business. Trade secrets are any piece of commercially valuable information, protected by the holders of the information and only known to a small group of people.

First, it is important to identify any piece of information that falls under this category that you want to protect. You must create a system to identify this information.

Next, analyze the way you currently store this information. Business audits should include desktop computers, laptops and any hard copies of this information.

Keep all teammates in the loop

Finally, you also need to train your team members and employees. Anyone with access to trade secret information should get proper training in how to handle and protect said information. You might want to create company policies specifically discussing how to handle this valuable information. You might even want your employees to sign non-disclosure agreements.

Know who to share your secrets with

Make sure to keep this information safe and be careful with whom you share it. For example, you may want to tell vendors that you have long-term business history with, but they will likely work with many of your competitors as well.

By putting these things in place, you can do a lot more to protect your trade secrets and keep your edge in business.