Posts Tagged: NDA
What do employers need to know about the new Trade Secrets Act of 2016?
The new Trade Secrets Act of 2016 has new tools and remedies for protecting employers, and new notice requirements as well.
Previously in this series we’ve discussed the new Defend Trade Secrets Act of 2016 (DTSA); how it can help small business owners and entrepreneurs protect their Trade Secrets, and how it will affect every else doing business in California. (See our resources page to links to these posts.)
Today’s blog post will focus on what employers need to know about the DTSA and steps they should take to comply with new DTSA requirements.
Today’s employers, small businesses and startups included, understand that they are vulnerable to their employees and contractors.
What are Trade Secrets?
Trade Secrets: yours and everybody else’s
As we discussed last week, trade secrets are a type of Intellectual Property protection. The courts define “trade secret” very broadly. It can mean any type of confidential or secret information that gives a business a competitive edge. Some examples of trade secrets: survey methods used by professional pollsters; formula for a sports drinks; recipes; a new but unpatented invention; manufacturing techniques; marketing strategies; and computer code or algorithms. Trade secrets can even mean a good prospect list or supply chain. Trade secrets are any valuable business information that is not generally known.
Generally trade secrets are most important in four types of business interactions:
The new Defend Trade Secrets Act of 2016 and how it will affect you
Understanding how trade secrets (and the new Trade Secrets Act of 2016) affects every business, whether you think you have trade secrets or not.
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.