Trade secrets are a type of Intellectual Property protection. Many small businesses assume that unless they are a high tech company or an inventor, the concept of “trade secrets” does not apply to them. However, the idea of a trade secret has always been defined very broadly. It can mean any type of confidential or secret information that gives a business a competitive edge. The most famous trade secret in the business world is the recipe for Coca Cola. For years the exact ingredients for Coca Cola has been a closely held secret by the Corporation, because the unique taste of Coca Cola is so valuable. Keeping the formula secret gives the corporation a competitive edge. But trade secrets are much more than just formulas and recipes. Supply chain deals that are unknown to your competition, prospect or customer lists that have not yet been mined or exhausted, a custom-made database that makes your work more efficient, even the name of a guy who knows a guy with a great deal; any valuable business information that is not generally known can be a trade secret.
The new Trade Secrets Act of 2016 gives business owners new tools to protect trade secrets that all business owners should know about. Not only will you need to know it to protect your own trade secrets, you should also know about it even if you have no trade secrets that you know of, because the new law affects all business interactions.
In our new series we look at all the information you need to know about the Defend Trade Secrets Act of 2016. We will break it down into 7 small topics to help you understand how trade secret protection works, what the new legislation changes, and what steps you should take to protect your business. If you are a contractor or use a Non-Disclosure or Confidentiality agreement you should definitely read all the way through to the end, so that you can understand the changes that will affect you. Here’s a list up the upcoming topics.
Stay tuned for each installment. And if you have questions, ask us at SandGarden Law.